The three major A-share indices showed divergent performances at the start of trading, with the ChiNext index turning negative in early trading.

Key News 1. The People's Bank of China (PBOC) executive stated in the *Financial Times* that the downward shift of risk-free returns, capital market reforms, and economic restructuring are the fundamental driving forces and pillars for the positive development of China's capital market. 2. Market rumors circulated that the delivery rate of lithium carbonate futures was only 30%. A staff member from the Guangzhou Futures Exchange responded that all delivery products were qualified and met quality requirements. 3. Three Beijing departments summoned 12 platform companies, informing them of the first batch of issues related to "involutionary" competition. 4. Bank of China: Strengthening risk prevention in the precious metals market. 5. The government implemented temporary control measures on refined oil prices: gasoline and diesel prices were effectively increased by 1160 yuan and 1115 yuan respectively. Individual Stock News 1. Sanhuan Group clarified that the rumor that "Sanhuan Group expects to record a loss attributable to owners of approximately HK$150 million to HK$190 million in 2025" is untrue. 2. Zijin Mining: The lithium industry is evolving from a paper surplus to a tight balance. 3. Hunan Gold: Increased capital in its holding subsidiary, Zhongnan Antimony & Tungsten, by RMB 184 million. 4. Sanhua Intelligent Control: Net profit increased by 31.10% year-on-year in 2025; proposed dividend of RMB 2.8 per 10 shares. 5. Fuxiang Pharmaceutical: Expected net profit increase of 2222.67%-3250.01% year-on-year in the first quarter of 2026. 6. WuXi AppTec: Net profit increased by 103% year-on-year in 2025; proposed dividend of RMB 15.79 per 10 shares. 7. Guangku Technology: Net profit of RMB 177 million in 2025, an increase of 163.76% year-on-year. 8. Wens Foodstuff Group and Yuanji Food signed a strategic cooperation agreement. 9. Zangge Mining: Plans to repurchase company shares with RMB 200 million to 400 million of its own funds. 10. Guangyu Group: Acquired 100% equity of its wholly-owned subsidiary, Zhoushan Guanyu Real Estate, for RMB 175 million. 11. Huazheng New Materials: Plans to raise no more than 1.2 billion yuan through a private placement to invest in a project producing 12 million high-grade copper-clad laminates annually. 12. *ST Yanshi: The company's stock will be delisted due to financial delisting circumstances. 13. Sinopec: Remains committed to building "China's No. 1 hydrogen energy company". 14. Joyson Electronics: Plans to acquire a 12.42% stake in Anhui Joyson Safety from the Advanced Manufacturing Fund for 2.516 billion yuan. 15. Dazhong Mining: Plans to cooperate with Wanhua Battery Materials Co., Ltd. and others to invest in a 200,000-ton-per-year lithium salt project.

GERMAN PROSECUTORS: TWO ARRESTED ON SUSPICION OF WORKING FOR RUSSIAN SECRET SERVICE