**Market Data** As of March 26th market close, the Shanghai Composite Index fell by 1.09% to 3,889.08 points. The STAR 50 Index declined by 2.02% to 1,288.81 points. The Shenzhen Component Index dropped by 1.41% to 13,606.44 points, while the ChiNext Index decreased by 1.34% to 3,272.49 points. The total trading volume for the Shanghai and Shenzhen stock exchanges was 1,943.6 billion yuan.
In U.S. markets, the three major indices all closed lower. The Dow Jones Industrial Average fell by 1.01% to 45,960.11 points. The S&P 500 Index dropped by 1.74% to 6,477.16 points, and the Nasdaq Composite Index declined by 2.38% to 21,408.08 points.
International oil prices rose significantly on March 26th. At the close, the May delivery light crude oil futures contract on the New York Mercantile Exchange increased by $4.16 to settle at $94.48 per barrel, a gain of 4.61%. The May delivery London Brent crude oil futures contract rose by $5.79 to close at $108.01 per barrel, an increase of 5.66%.
**Financial Highlights** 1. During a regular press conference on March 26th, Foreign Ministry spokesperson Lin Jian was asked about reports that U.S. President Trump announced a visit to China for meetings with Chinese leaders in Beijing on May 14th and 15th, and whether the ministry could confirm this. Lin Jian stated, "Head-of-state diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations. China and the U.S. maintain communication regarding President Trump's visit to China."
2. On March 26th, the State Administration for Market Regulation convened its first 2026 enterprise fair competition symposium. The meeting, themed "Regulating Enterprise Competition Behavior and Building a Healthy Competitive Ecosystem for Enterprises Going Global," involved in-depth exchanges with responsible persons from enterprises including China Minmetals Corporation, China State Construction Engineering Corporation, Contemporary Amperex Technology Co., Limited, BYD Company Limited, Chery Automobile Co., Ltd., DiDi Global Inc., and Meituan. Deputy Administrator Meng Yang attended and spoke at the meeting. Meng Yang outlined the administration's work in maintaining fair market competition and supporting companies in fostering new competitive advantages. He emphasized that the administration will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, strengthen anti-monopoly supervision and enforcement, enhance corporate compliance guidance, intensify efforts to curb "involution-style" competition, deepen institutional openness in the field of competition, and provide greater support for enterprises exploring international markets and achieving high-quality development.
3. According to a March 27th announcement on the Ministry of Commerce website, Minister of Commerce Wang Wentao met with United States Trade Representative Greer on March 26th in Yaoundé, Cameroon, during the WTO's 14th Ministerial Conference. The two sides held in-depth discussions on China-U.S. economic and trade relations, as well as multilateral and regional economic cooperation. Wang Wentao emphasized China's willingness to strengthen multilateral and regional economic cooperation with the U.S., jointly advance WTO reform, strive for practical outcomes at the 14th Ministerial Conference, and support positive results from APEC and G20 meetings. Wang also expressed serious concern regarding U.S. initiation of Section 301 investigations against several economies, including China, citing alleged "overcapacity" and "failure to prohibit imports of forced labor products." Greer stated that over the past year, the U.S. and China had conducted constructive economic and trade consultations, maintaining close communication and cooperation. The U.S. is willing to work with China under the guidance of the consensus reached by the two heads of state, strengthen dialogue, maintain the stability and sustainability of U.S.-China economic and trade relations, and achieve mutual benefit and win-win outcomes in the economic and trade sphere. The U.S. also expressed willingness to enhance communication and exchanges with China within the WTO and regional frameworks.
4. A press conference was held on the morning of March 26th by the State Council Information Office to discuss the acceleration of establishing a long-term care insurance system. Preliminary statistics from the medical insurance department indicate that since the pilot program began in 2016, long-term care insurance has attracted over 60 billion yuan in social capital investment into related industries. Furthermore, Deputy Director Wang Wenjun of the National Healthcare Security Administration reported that from the pilot launch in 2016 to the present, the construction of the long-term care insurance system has progressed through stages of "piloting, evaluation, expanded piloting, re-evaluation, and initiating full-scale establishment." The number of pilot regions has increased from the initial 15 to 92 by the end of last year, covering 308 million insured individuals and benefiting over 3.3 million disabled persons cumulatively, reducing the financial burden of care costs on the public by more than 100 billion yuan.
5. The first industry standard in the field of embodied intelligence, jointly drafted by the China Academy of Information and Communications Technology and over 40 other institutions, was officially released on March 26th. This standard establishes a unified benchmark testing framework for the embodied intelligence field, marking a new stage of "standards-based" evaluation for embodied intelligence. It is understood that the standard focuses on key foundational AI technologies and benchmark testing methods for embodied intelligence, while also clarifying the system framework and capability requirements for embodied intelligence. The standard is set to take effect formally on June 1, 2026.
6. The Organisation for Economic Co-operation and Development released its latest economic outlook report on March 26th, projecting global economic growth of 2.9% in 2026, with a slight rebound to 3.0% anticipated for 2027.
7. On March 26th, Meituan released its financial results for the fourth quarter and full year of 2025. The company reported annual revenue of 364.9 billion yuan, an 8% year-on-year increase. However, affected by "involution-style" competition in the instant retail industry, Meituan's performance shifted from profit to loss, recording a full-year net loss of 23.4 billion yuan and an operating loss of 17 billion yuan. Its core local commerce segment reported an operating loss of 6.9 billion yuan. In the fourth quarter of last year, Meituan's revenue was 92.1 billion yuan, up 4.1% year-on-year, while its adjusted net loss was 15.08 billion yuan, compared to a profit of 9.8 billion yuan in the same period last year.
8. On March 26th local time, U.S. President Trump posted on his social media platform, Truth Social, stating that, at the request of the Iranian government, he would suspend strikes on Iranian energy facilities for an additional 10 days, with operations set to resume at 8 PM Eastern Time on April 6th. He described the current related negotiations as "progressing smoothly" and denied media reports suggesting the talks were not going well.
9. U.S. Secretary of State Rubio stated on March 26th that negotiations between the U.S. and Iran had made progress, but he would not disclose specific details. Speaking to media at an airport before departing for France to attend a G7 foreign ministers' meeting, Rubio said that some countries were acting as intermediaries to assist in conveying messages, and indeed some progress had been made in information exchange. However, he characterized the process as "ongoing and full of variables," and therefore he would not publicly discuss or disclose specific negotiation details to the media. On March 25th, Iranian Foreign Minister Araghchi stated that over the past few days, the U.S. had conveyed messages to Iran through several friendly countries, while Iran had issued warnings or stated its position to the U.S. via these mediators. He clarified, "This is not negotiation or dialogue, but information exchange." Iran's Press TV reported the same day, citing a senior official, that Iran had rejected the U.S. proposed truce plan and had put forward its own five conditions for a ceasefire.
10. According to a March 26th report from Iran's Tasnim News Agency citing informed sources, Iran has formally responded to the 15 points of the ceasefire agreement proposed by the United States. Separately, reports indicated that Iran had formally responded to the U.S. 15-point ceasefire proposal through intermediaries. Informed sources revealed that Iran's response clearly stated the following necessities: cessation of hostile and terrorist acts by the opposing side; creation of objective conditions to ensure the war does not recur; a clear commitment to and implementation of compensation for war losses; and promotion of the cessation of operations by all resistance groups involved in the conflict across various fronts and regions.
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