With war raging in the Middle East, Japan is suffering. Japanese bond yields have risen to a 27-year high, and the yen has plummeted to 160. Government and central bank interventions have yielded little effect. When the bond market and exchange rate

Individual Stock News 1. Bank of Communications (03328.HK) released its annual results: net profit attributable to shareholders was RMB 95.622 billion, an increase of 2.18% year-on-year. 2. Industrial and Commercial Bank of China (01398.HK) released its annual results: net profit attributable to shareholders was RMB 368.562 billion, an increase of 0.7% year-on-year. 3. New China Life Insurance (01336.HK) released its annual results: net profit attributable to shareholders was RMB 36.284 billion, an increase of 38.3% year-on-year. 4. Shimao Group (00813.HK) released its annual results: profit attributable to shareholders was RMB 14.473 billion, turning a loss into a profit year-on-year. 5. China Construction Bank (00939.HK) released its annual results: net profit attributable to shareholders was RMB 338.906 billion, an increase of 0.99% year-on-year. 6. China Merchants Bank (03968.HK) released its annual results: net profit attributable to shareholders was RMB 150.181 billion, an increase of 1.21% year-on-year. 7. BYD Electronic (00285.HK) released its annual results: profit attributable to shareholders was RMB 3.515 billion, a decrease of 17.61% year-on-year. 8. Tongguan Gold (00340.HK) released its annual results: profit attributable to owners of the company was approximately HKD 830 million, an increase of 293% year-on-year. 9. Yankuang Energy (01171.HK) released its annual results: profit attributable to equity shareholders was approximately RMB 8.525 billion, a decrease of 41.58% year-on-year; final dividend was RMB 0.32 per share. 10. Xunze (03317.HK) released its annual results: revenue was approximately RMB 1.285 billion, an increase of 103.3% year-on-year; adjusted net loss was RMB 54.85 million, narrowing by 33.41% year-on-year. 11. BYD Company Limited (01211.HK): Full-year revenue for 2025 is RMB 803.96 billion, up 3.46% year-on-year, with an estimated RMB 836.26 billion. Net profit for the year is RMB 32.62 billion, down 19% year-on-year, with an estimated RMB 35.65 billion.

Energy: 1. Indian government: Retail prices for gasoline and diesel will remain unchanged. 2. According to the New York Times: The US will allow Russian oil tankers to travel to Cuba. 3. US media: Officials reveal Europe is drafting a post-war tanker escort plan. 4. Trump administration halts offshore wind power projects, pushing funds back to fossil fuels. 5. LSEG data shows that the profit margin for 10ppm sulfur diesel in Asia has reached a record high. 6. Production at Libya's Sharara oil field is expected to return to normal levels within 48 hours. 7. Market news: Qatar announces that its May LNG delivery operations are affected by force majeure. 8. Indian tax officials: Export taxes on diesel, gasoline, and jet fuel will be reviewed every two weeks. 9. Kazakhstan's Ministry of Energy: The attack on the Ust-Luga port did not affect Kazakhstan's oil exports. 10. According to TASS: Russia has decided to impose a gasoline export ban on its oil producers from April 1 to July 31. 11. According to the Washington Post: Cuban officials have requested Pope Leo XIV's assistance in lobbying the Trump administration to ease the oil embargo. 12. Sources say that Russian oil producers are warning buyers of potential force majeure events in the wake of drone attacks on Baltic ports. 13. Intercontinental Exchange (ICE): Open interest in all commodities and energy products, including oil, natural gas, and Brent crude, hit record highs. 14. Commerzbank: In our prime scenario, assuming the war ends in May, we expect Brent crude prices to fall to $90 per barrel by the end of the second quarter. Precious Metals and Mining: 1. CEO of Chile's state-owned copper company: Solid demand will support the copper market. 2. Aluminum on the London Metal Exchange opened more than 5% higher at $3,474 per tonne after Iran attacked aluminum production facilities in the Middle East. 3. Rio Tinto issued a business update following Tropical Cyclone Narrat: Its 2026 Pilbara iron ore shipment guidance remains at 323 million to 338 million tons. Weather factors reduced iron ore shipments by 8 million tons, half of which is expected to recover. 4. Commerzbank: Raised its year-end gold price forecast to $5,000/oz and its year-end forecast to $5,200/oz. Platinum prices are expected to reach $2,100/troy ounce by mid-year and $2,300/oz by year-end.