FITCH RATINGS: US BDC ASSET COVERAGE CUSHIONS SUFFICIENT FOR POSSIBLE SOFTWARE WRITE-OFFS

Domestic News 1. Wang Yi spoke with Iranian Foreign Minister Araghchi by phone. 2. Goldman Sachs maintains its overweight recommendation for Chinese stocks (A-shares and Hong Kong stocks). 3. The People's Bank of China: A 500 billion yuan MLF operation will be conducted on March 25th, with a term of one year. 4. The State Administration for Market Regulation holds a symposium on price supervision and inspection and anti-unfair competition work in 2026. International News 1. The Philippines declares a national energy emergency. 2. The World Gold Council: Driven by geopolitical risks, more central banks will increase their gold holdings. 3. Market news: Saudi Arabia announces a 30-day license exemption for ships in the Persian Gulf. 4. A spokesperson for the European Commission: The originally scheduled April 15th date for submitting a proposal to impose a ban on Russian oil has been cancelled. 5. Sources reveal that Turkey is considering using its $135 billion gold reserves to support the struggling lira. 6. The announcement shows that India has extended the validity of its gold import tariff quota authorization under the trade agreement with the UAE until June 30. 7. Iran Situation: ① Gulf states are reportedly weighing their bottom lines regarding participation in the war, but are also afraid of being "abandoned" by the United States. ② Trump retweeted a post from the Pakistani Prime Minister, who stated his willingness to act as a mediator. ③ US media: Iranian sources indicate that there has been contact between the two sides, but it has not yet reached the level of comprehensive negotiations. ④ Iran appointed Mohammad Bagher Zorgader as Secretary of Iran's Supreme National Security Council. ⑤ Israeli officials stated that Iran is unlikely to agree to the US demands, but Trump seems determined to reach an agreement with Iran.

A-share military stocks rallied in the short term, with Great Wall Military Industry hitting the daily limit, Northern Long rising over 10%, and Inner Mongolia First Machinery, Tianqin Equipment, Jianghang Equipment, Construction Industry, and Aerospace Technology following suit.