Wall Street View Morning FM-Radio | March 24, 2026

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Market Overview

Trump says US-Iran talks are effective, decision to delay strikes on Iranian energy facilities. US stocks rebound sharply, with the three major indices rising over 2% intraday at one point, closing up over 1% each, the largest gain in over six weeks; Tesla up 3.5%, leading tech giants, Nvidia nearly 2%, reversing four days of decline; chip index rebounds over 1%, but Broadcom and Micron drop over 4%; after reports that the Pentagon will use its system as the core military AI platform, Palantir rises nearly 7%; airline, travel, and cruise stocks surge, Royal Caribbean up nearly 6%, United Airlines up over 4%, Airbnb up over 3%, Hilton up nearly 3%.

Trump delays strike on Iran, US debt prices surge intraday, with the 10-year Treasury yield, which hit an 8-month high, plunging over 10 basis points; 2-year Treasury yield briefly drops more than 20 basis points from the daily high; the dollar index dips to over a week low intraday, offshore RMB falls below 6.91 to a two-week low, then rebounds over 400 points; cryptocurrencies rally intraday, Bitcoin back above $70,000, briefly reaching $72,000, up over 6% from the daily low; crude oil plunges, down over 10%, Brent first close below $100 in over a week.

Gold futures fall over 10% intraday, spot gold declines for nine consecutive days, spot silver drops 10% then turns positive, rising over 4% at one point. London copper rebounds 2%, tin reverses four days of decline, aluminum drops for three weeks to a low.

During Asian hours, Shanghai Composite down 3.6%, nearly holding 3,800 points, over 5,100 stocks decline across the market, gold stocks plunge collectively, Hang Seng drops over 3%, tech stocks broadly decline.

Top News

China

The National Development and Reform Commission (NDRC) implements temporary measures to regulate domestic refined oil prices. Before regulation, gasoline and diesel prices increased by 2,205 yuan and 2,120 yuan per ton respectively; after regulation, they are increased by 1,160 yuan and 1,115 yuan.

WuXi AppTec’s net profit in 2025 surges 105.2%, with an expected revenue growth of 18%-22% in 2026, driven by strong US market.

Sanhua Intelligent Controls’ 2025 revenue grows 11% year-over-year, net profit up over 31%, boosted by new energy vehicle business.

Robotaxi fleet doubles; WeRide’s 2025 revenue jumps 89.6% YoY, net loss narrows 34.2%.

Laopuo Gold’s 2025 revenue and net profit both increase over 200%, with a dividend of 11.95 yuan per share.

Overseas

Trump: Talks with Iran “very productive,” have formed key points of agreement, delaying strikes on Iranian power plants and energy infrastructure for five days; negotiations for a broader agreement ongoing. The White House says no confirmation on whether talks will happen this week. Reports suggest the US considers the Iranian parliament speaker as a potential negotiation partner.

Multiple countries coordinating US-Iran talks in Islamabad this week; Israel’s Netanyahu and Vance discuss “restart of US-Iran negotiations.” US military claims to have struck over 9,000 Iranian targets, denies Iran shot down an F-15 fighter jet. The White House states no confirmation on negotiations this week.

Iran denies talks with the US, calls false reports “manipulating markets” and “creating conditions for assassination,” claims US tried to negotiate through intermediaries but Iran did not respond. Iranian parliament speaker Kalibaf calls the reports “fake news.” Iran’s senior leadership states no negotiations with the US; Trump’s withdrawal from attack was due to Iranian retaliation deterrence. IRGC Aerospace Force commander says fighting will continue. Sources say Iran is ready to respond strongly to attacks on key infrastructure. Reports indicate the US considers the parliament speaker as a potential negotiation target.

Iran’s military says it has effective control over the Strait of Hormuz, no need to mine the Persian Gulf; if islands are attacked, mines will be laid immediately. Iranian media lists 11 targets including desalination plants and nuclear power stations. Two Indian LPG ships are passing through the Strait of Hormuz. Israeli media reports the US is considering ground operations to seize Iran’s Halek Island.

US Energy Secretary may release strategic petroleum reserves again, but the likelihood is low. Reports: Japan considers intervening in crude oil futures as Middle East crisis pushes costs higher. Japan Petroleum Association calls for a second release of oil reserves, similar in scale to the first 8 million barrels.

Australia’s largest ammonia plant halts production for two months, further impacting the global fertilizer market. Iran severely impacts Qatar’s helium exports, global chip production faces crisis.

Federal Reserve Governor Milam: geopolitical shocks not enough to change four rate cuts this year. Chicago Fed President Goolsbee: possible need to raise interest rates amid new Middle East inflation shocks.

Market Close

US and European stocks: S&P 500 +1.15% at 6,581.00; Dow +1.38% at 46,208.47; Nasdaq +1.38% at 21,946.76. Europe STOXX 600 +0.61% at 576.78.

A-shares: Shanghai Composite -3.63% at 3,813.28; Shenzhen Component -3.76% at 13,345.51; ChiNext -3.49% at 3,235.22.

Bond Market: By close, US 10-year Treasury yield around 4.34%, down about 4 basis points intraday; 2-year yield around 3.85%, down about 5 basis points.

Commodities: WTI May crude down 10.28% at $88.13/barrel; Brent May crude down 10.92% at $99.94/barrel; COMEX April gold down 3.66% at $4,407.3/oz; COMEX May silver down 0.44% at $69.355/oz; LME copper up about 2% at $12,167/ton; tin up about 1.5% at $43,944/ton; aluminum down about 0.5% at $3,199/ton.

Top News Details

Global Highlights

China

The NDRC implements temporary measures to regulate domestic refined oil prices. The announcement states that due to sharp increases in international crude prices, to mitigate the impact of abnormal oil price rises and ease downstream burdens, temporary price controls are enacted. Based on current pricing mechanisms, from 24:00 March 23, domestic gasoline and diesel prices (standard grade) should increase by 2,205 yuan and 2,120 yuan per ton respectively; after regulation, actual increases are 1,160 yuan and 1,115 yuan.

WuXi AppTec’s 2025 net profit attributable to parent surges 105.2%, with an estimated 18%-22% revenue growth in 2026, driven by strong US market. In 2025, WuXi’s revenue reaches 45.46 billion yuan, up 15.8%; net profit attributable to parent is 19.19 billion yuan, up 105.2%. US market revenue is 31.25 billion yuan, up 34.3%, becoming the main growth driver. The company plans to pay a final dividend of 15.7927 yuan per 10 shares (tax included), totaling about 4.712 billion yuan.

Sanhua Intelligent Controls’ 2025 revenue grows 11% YoY, net profit up over 31%, boosted by new energy vehicle thermal management. The 2025 annual report shows revenue of 31.011 billion yuan, up 10.97%; net profit of 4.063 billion yuan, up 31.10%; net profit margin improves to 13.1%. Refrigeration and air conditioning components remain steady, with EV thermal management becoming a core growth engine. The company listed on HKEX in June 2025, significantly strengthening capital. It is also extending precision manufacturing tech into bionic robot electromechanical actuators, laying out a third growth curve.

Robotaxi fleet doubles; WeRide’s 2025 revenue jumps 89.6% YoY, net loss narrows 34.2%. WeRide’s total revenue in 2025 is 685 million yuan, up 89.6%; IFRS operating loss narrows 15.5% to 1.8 billion yuan; net loss reduces 34.2% to 1.655 billion yuan. The global autonomous driving fleet expands from 1,089 vehicles at end-2024 to 2,113; robotaxi fleet reaches 1,125 vehicles. The 2026 target is 2,600 vehicles.

Laopuo Gold’s 2025 revenue and net profit both increase over 200%, with a dividend of 11.95 yuan per share. Revenue reaches 27.3 billion yuan, up 221%; net profit 4.9 billion yuan, up 231%; per-store sales efficiency ranks top globally among luxury brands. However, aggressive inventory buildup has pushed inventory to 16 billion yuan, cash flow under pressure, and the company raised 5.4 billion HKD through share placements this year. The traditional gold leader is rapidly expanding and distributing large dividends.

Overseas

Trump: “Perfect” talks with Iran, key points of agreement formed, delaying strikes on Iranian power plants and energy infrastructure for five days.

• Trump states, “The US and Iran have had very good and productive talks over the past two days,” continuing until the weekend. He has instructed to suspend all military strikes on Iranian power plants and energy infrastructure for five days, contingent on ongoing meetings and discussions’ success.
• Trump says special envoy Wittekov and his son-in-law Kushner have held talks with Iranian leaders, but not with Iran’s top leader; Iran is serious about negotiations and wants reconciliation, with one last chance to end threats to the US.
• US media reports multiple countries are coordinating US-Iran talks in Islamabad this week; Israeli PM Netanyahu and Vance discuss “attempts to restart US-Iran negotiations.”
• US military claims to have struck over 9,000 Iranian targets, denies Iran shot down an F-15 fighter jet.
• White House states no confirmation on negotiations this week.

Iran denies talks with the US, calls false reports “market manipulation” and “creating conditions for assassination,” claims US tried to negotiate via intermediaries but Iran did not respond. Iranian parliament speaker Kalibaf calls reports “fake news.” Iran’s senior leadership states no negotiations with the US; Trump’s withdrawal from attack was due to Iranian retaliation deterrence. IRGC Aerospace Force commander says fighting will continue. Sources say Iran is prepared to respond strongly to attacks on key infrastructure. Reports indicate the US considers the parliament speaker as a potential negotiation target.

Iran’s military says it has effective control over the Strait of Hormuz, no need to mine the Persian Gulf; spokesman states Iran has control over the Gulf and Oman Sea areas, effective control of the Strait, and does not need to lay mines in the Persian Gulf but will do so if necessary to ensure security. Foreign Minister of Iran and South Korea discuss the Strait, stating it is closed to ships of conflict parties and supporters, but other ships can pass after coordination.

• As Iran affirms passage principles, two Indian LPG ships are passing through the Strait of Hormuz. The blockade is easing; Iran designates “non-hostile countries” for negotiated passage. Reports say two Indian VLGC ships are crossing the Strait on Monday. Oil trade remains nearly halted, ghost ships and chaos persist, 20% of global energy supply at risk.

US aircraft carrier Ford has withdrawn to Greece! Iran: if islands are attacked, mines will be laid immediately to block the Persian Gulf! Iran lists 11 targets including desalination plants and nuclear stations. USS Ford arrived at Crete, Greece, on the 23rd, expected to stay over a week. Iran warns that if its coast or islands are attacked, it will immediately lay mines across all Persian Gulf channels, “blockading” the entire gulf. Iran also lists 11 key targets in the Middle East, including the Barakah nuclear plant in UAE.

Israeli media reports the US is considering ground operations to seize Iran’s Halek Island. According to Israeli sources, the US is contemplating a ground attack on Iran’s largest oil export base, Halek Island. The US is deploying about 4,500 troops and multiple ships to the Middle East; Trump previously threatened to strike the island. Iran’s military warns that any invasion will face “unprecedented retaliation.”

US Secretary of Energy may release strategic petroleum reserves again, but the chance is low. Wright states the US has initiated the release of 1-1.5 million barrels per day from SPR, possibly expanding to 3 million barrels/day if needed; prices have not yet triggered demand destruction; the impact of the Strait blockade is “temporary”; consumers may face high oil prices for “several weeks.”

Reports: Japan considers intervening in crude oil futures as Middle East crisis pushes costs higher. Japan’s relevant agencies are investigating how to intervene in oil futures markets. If implemented, it would be a rare move by the Japanese government in energy market management.

• Japan Petroleum Association calls for a second release of strategic reserves, similar in scale to the first 8 million barrels. The crisis in the Strait of Hormuz continues to escalate, Brent crude surges from $72 to $108 per barrel. The Japanese government is urged to activate a second round of strategic reserves, matching the initial 8 million barrels, and to diversify supply sources away from Middle Eastern oil.

“Worst timing”! Australia’s largest ammonia plant halts for two months, further impacting the global fertilizer market. The Strait blockade, Indian fertilizer plant shutdowns, and already fragile ammonia markets face compounded shocks. Australia’s largest ammonia plant, Yara Pilbara, suffers a power outage, halting 850,000 tons/year capacity for two months. Fertilizer shortages threaten planting season; raw material supply disruptions and supply chain vulnerabilities are exposed.

Iran severely impacts Qatar’s helium exports, global chip production faces crisis. Iran’s attack damages Qatar’s helium facilities, sharply reducing global supply by one-third. Helium, essential for chip cooling, has doubled in price. South Korea’s chip giants, heavily reliant on this supply, see market value evaporate over $200 billion. Experts warn that shortages could explode in weeks, threatening the global semiconductor supply chain.

Federal Reserve Governor Milam: geopolitical shocks not enough to alter four rate cuts this year. Oil price spikes from Middle East conflicts do not change the Fed’s rate cut outlook. Milam believes short-term oil volatility is insufficient to overturn the baseline of four rate cuts in 2023; the Fed should wait for more clarity before adjusting policy. Last week, the Fed kept rates steady; Milam was the sole dissenting vote supporting a 25 basis point cut.

Chicago Fed President Goolsbee: possible need to raise interest rates. Goolsbee states that the new inflation shocks from the Middle East make the current situation “severe,” disrupting the Fed’s plans. Inflation was already high before the shocks, employment near full employment, but inflation remains above 2%. Therefore, in policy considerations, inflation takes priority.

Selected Research Reports

Goldman Sachs warns: it’s not “surrender” time yet, AI may be the last source of heavy selling. Goldman states that although US stocks have begun de-risking, a “capitulation” has not yet occurred, and downside risks remain. The S&P 500 is in a negative gamma zone, increasing volatility. Data shows oversold levels are not comparable to historical lows, systemic funds still have potential selling pressure. Notably, cyclicals are under continuous liquidation, and high-position AI stocks and “Mag7” remain last bastions. If further risk aversion occurs, AI sectors may face sharp declines.

Top-tier Silicon Valley funds are betting heavily! Morgan Stanley explains the next frontier of AI—“World Models.” Morgan Stanley’s latest report indicates that the language benefits of large models are plateauing; the next AI arms race will focus on “world models”—enabling machines to truly understand 3D space, physical laws, and temporal evolution. From Waymo’s billions of virtual miles to Microsoft’s AI-rendered playable Quake II, applications are expanding beyond robotics into gaming, film, and design, reshaping industries.

Domestic Macro

Gold and silver plunge, domestic gold prices fall below 1,000 yuan. On March 23, domestic gold prices broke below 1,000 yuan/gram, with many jewelers lowering prices. Driven by the rising dollar and hawkish signals from multiple central banks, international gold and silver futures plummeted, gold experiencing its largest weekly decline in 15 years. The Shanghai Gold Exchange issued a notice urging investors to be cautious and invest rationally.

Domestic Companies

Huawei Enjoy 90 Pro Max launched, featuring Huawei’s largest 8,500mAh battery, with Super Energy Pump tech, achieving over 98% capacity utilization. It offers 48-hour continuous calls and long-lasting performance, powered by Kirin 8000 processor, with a 38% performance boost.

Zijin Mining to acquire control of Chifeng Gold, transaction value over 18.2 billion yuan! The actual controller, Li Jinyang, no longer holds any shares. Zijin plans to acquire Chifeng Gold’s A-shares via a subsidiary and subscribe to its H-share private placement, totaling over 18.2 billion yuan. After completion, Zijin will hold 25.85% and gain control, consolidating financials. Li Jinyang exits completely; the new controller will be the Shanghang County Finance Bureau.

Overseas Macro

“New Fed Communications”: The Fed faces the most awkward leadership transition in history. Waller faces triple challenges: inflation rebound, oil price shocks, and Senate nomination delays. Despite promises to cut rates and change Fed operations, the current Fed votes 11-1 to keep rates unchanged, showing resistance to easing. With Powell’s refusal to step down early amid legal investigations, the transition is politically complex, raising concerns over future monetary independence and policy direction.

Japan’s largest wage increase in 35 years hits this spring, with average wage hikes of 5.26%, possibly prompting earlier rate hikes. Japan’s largest labor union “Rengo” reports that this spring’s wage negotiations average 5.26%, the highest since 1991, with major firms like Toyota and Honda fully meeting union demands. Market expectations for BOJ rate hikes rise; overnight swaps imply about 60% chance of a rate increase in April. However, Middle East conflicts threaten corporate profits and consumption, challenging the benign inflation-wage cycle.

South Korea stocks plunge 6.5%, retail investors buy record 70 trillion won to counter risks. Tensions in the Middle East suppress risk assets; KOSPI drops 6.49%, the largest since March 4, triggering circuit breakers. Foreign investors sell about 37 trillion won; retail investors buy a record 70 trillion won, the highest ever. The government plans supplementary budgets to stabilize markets; analysts advise not to be overly pessimistic but note market patience is fragile.

Overseas Companies

US private equity shifts focus to “HALO” heavy assets, software stocks sidelined. Over the past five years, the software sector has attracted trillions but faces valuation and exit challenges. Leading PE firms like Blackstone, Bain, and Brookfield are shifting from software to “low-elimination, heavy-asset” sectors—industrial manufacturing, energy, infrastructure, and defense.

Report: SK Hynix plans US ADR listing, raising 10-15 trillion won to expand HBM capacity. SK Hynix aims to raise 10-15 trillion won via US ADRs, about 2.4% of total shares, with funds fully invested in AI infrastructure like Yongin semiconductor cluster. This move aims to leverage US markets to revalue its PE ratio, potentially entering major indices like PHLX Semiconductor, attracting passive funds and strengthening its global HBM leadership.

AMD secures major orders in Asia-Pacific: Korean AI startup to buy 10,000 latest chips. Upstage, a Korean AI startup, plans to purchase 10,000 MI355 chips from AMD to diversify beyond Nvidia, supporting national AI efforts and large model R&D. This order also opens a new market for AMD’s AI compute in Asia-Pacific.

Industry/Concepts

1. Compute-Data Synergy | According to IT Home, Liu Liehong, Director of the Cyberspace Administration of China, stated at the 2026 China Development High-Level Forum on March 23 that compute-data synergy involves deep integration of computing infrastructure and power systems via digital tech, smart algorithms, and networks, promoting resource matching and optimization. The goal is to build a new infrastructure that enables “electricity-powered computing and computing-driven electricity,” with at least 80% green electricity use in new nodes, maximizing green power support.

Comment: The 2026 government work report includes “compute-electricity synergy” as a new infrastructure project. The national two sessions have officially listed it as a top-level strategy, marking its transition from planning to national policy. Local projects are expected to accelerate. Essentially, it’s about digitally matching power and computing resources, forming an integrated source-grid-load-storage loop covering green direct power, virtual power plants, electricity trading, energy storage, and data centers. Future prospects include low-cost, high-performance computing enabled by this synergy, with potential “green power-Token-Overseas Monetization” value chains. New data centers in the “East Data West Computing” hub could drive green power direct supply, smart dispatch, user-side storage, and electricity trading, offering both investment opportunities and strategic value.

2. Computing Power | According to OpenRouter, China’s AI large model weekly API calls exceeded the US for the second consecutive week, reaching 4.69 trillion tokens as of March 15. The top three global call volumes are dominated by Chinese models. JPM predicts China’s AI inference token consumption will grow from about 10 quintillion in 2025 to 3,900 quintillion in 2030, a 370-fold increase over five years.

Comment: China’s large models benefit from low inference costs and high cost-effectiveness, driving massive call volume growth. New models like MiniMax M2.5 and Kimi K2.5 are reaching or surpassing Western leaders in core productivity tasks like coding, agents, and long-context understanding, with local spillover effects. Explosive growth in applications like agent and tool invocation further accelerates token demand, exemplified by OpenClaw. Analysts see token demand inflation as a key AI investment theme this year, with rising token usage boosting China’s compute infrastructure, AI chips, and cloud services, strengthening global AI service pricing and influence.

3. Lithium Batteries | Xinluo reports a 21.93% month-over-month increase in domestic battery sample production in March. Cathodes, anodes, separators, and electrolytes all see growth, with some components up over 8-18%. Industry expects further increases in April. January-February data shows China’s total EV and energy storage battery sales reached 262 GWh, up 53.8% YoY; EV batteries 177.2 GWh (+36.5%), with average vehicle capacity at 64.9 kWh (+32.3%); energy storage batteries 84.8 GWh (+108.9%).

Comment: Lithium material capacity expansion is limited; some companies expect maintenance shutdowns, leading to inventory normalization in late March. Separator and copper foil have long breakeven cycles, so expansion is cautious. Downstream demand is rising, pushing processing fees and prices higher, with long-term price elasticity. Profit recovery and inventory gains support positive earnings outlook for Q1.

4. Transformers | CCTV reports that domestic transformer manufacturers are operating at full capacity, with overseas orders full into 2027. For example, a transformer maker in Nanchang, Jiangxi, is busy fulfilling overseas orders, with current backlog near 700 million yuan, over 90% from exports.

Comment: Industry research indicates that economic recovery, rapid AI development, and new energy grid integration drive strong demand for electrical equipment. According to Wood Mackenzie, the US supply gap for power and distribution transformers has reached 30% and 6%, respectively; imports account for about 80% of US power transformer supply and 50% of distribution transformers, highlighting supply tightness.

Upcoming Market Highlights

US, Eurozone, UK, Japan, India March manufacturing, services, and composite PMI preliminary data.

Japan February CPI.

Boao Asia Forum 2026 opening.

Denmark early elections; Greenland’s future in focus.

Xiaomi earnings report.

Risk Warning and Disclaimer

Market risks exist; invest cautiously. This article does not constitute personal investment advice and does not consider individual user’s specific investment goals, financial situation, or needs. Users should evaluate whether any opinions, views, or conclusions herein are suitable for their circumstances. Investment is at your own risk.