The Shanghai Composite Index (SSE) rose by 1.09%, regaining the 3,000-point mark

On March 28th, the three major A-share indices rose collectively. By midday, the Shanghai Composite Index increased by 1.09%, returning to 3,000 points, the Shenzhen Component Index rose by 2.1%, and the ChiNext Index was up by 1.88%.

Low-altitude economy, general aviation, flying cars, high-speed copper cable connections, satellite navigation, AI smartphones, and other sectors were among the top gainers, while the banking sector was adjusted.

Let's review the market hotspots from the morning session.

**Low-Altitude Economy Concept Stocks Soar**

Low-altitude economy concept stocks soared, with Jianxin Shares and Shenzhen City Communication hitting the 20% daily limit up by midday, and Jin Dun Shares, Leshi Information, and Digital Politics Communication increasing by more than 10%.

In terms of news, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Ministry of Finance, and the Civil Aviation Administration of China issued the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)". It proposes that by 2027, China's general aviation equipment supply capacity and industrial innovation capabilities will be significantly enhanced, a modern general aviation infrastructure support system will be basically established, an efficient and integrated industrial ecosystem will be preliminarily formed, the general aviation public service equipment system will be basically perfected, and new types of general aviation equipment characterized by unmanned, electric, and intelligent technologies will achieve commercial application in urban air transport, logistics distribution, emergency rescue, and other fields.

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**China Duty Free's A and H Shares Rise Together**

China Duty Free's A-shares opened higher, reporting at 86.14 yuan by press time, up by more than 3%, while China Duty Free's H-shares rose by more than 8%.

China Duty Free disclosed its annual report last night, achieving a revenue of 67.54 billion yuan in 2023, a year-on-year increase of 24.08%; net profit was 6.71 billion yuan, a year-on-year increase of 33.46%; basic earnings per share were 3.25 yuan. The company plans to distribute a cash dividend of 16.5 yuan (including tax) for every 10 shares to all shareholders.

**China Everbright Bank's Sharp Decline**

China Everbright Bank's stock plummeted.China Everbright Bank's stock price plummeted in the morning session, with the share price closing at 3.12 yuan at noon, down more than 7%.

In terms of news, China Everbright Bank disclosed its annual report last night, reporting an operating income of 145.685 billion yuan in 2023, a year-on-year decrease of 3.92%; net profit attributable to the parent company was 40.792 billion yuan, a year-on-year decrease of 8.96%; basic earnings per share were 0.62 yuan. The company plans to distribute a cash dividend of 1.73 yuan (including tax) for every 10 shares.

**China's New Ship Orders Account for Nearly 70% of the World Market Share in the First Two Months**

Data from the China Shipbuilding Industry Association shows that from January to February, China's shipbuilding completions, new orders, and order backlogs accounted for 56.5%, 69.5%, and 56.1% of the world market share, respectively. During the same period, the proportion of export ships in the country's shipbuilding completions, new orders, and order backlogs was 92.5%, 90.7%, and 91.8%, respectively. The export value of China's ships was 6.79 billion US dollars.

**Shanghai: Focusing on Building a Modern Industrial System and Developing New Quality Productive Forces According to Local Conditions**

The State Council Information Office held a press conference on "Focusing on the 'Five Centers' to Accelerate the Construction of a Socialist Modern International Metropolis with Global Influence." Gong Zheng, Deputy Secretary of the Shanghai Municipal Committee and Mayor, stated that Shanghai is focusing on enhancing its international status and global economic governance influence by accelerating the construction of an international economic center. The city will continue to expand its economic scale, focus on building a modern industrial system, and develop new quality productive forces according to local conditions. In particular, it will lead with technological innovation, strengthen the deep integration of technological and industrial innovation, actively promote a new type of industrialization, and coordinate the transformation and upgrading of traditional industries, the development and strengthening of emerging industries, and the forward-looking cultivation of future industries, striving to create a number of world-class high-end industrial clusters.

**Shanghai: Promoting the Accelerated Development and Scaling Up of New Types of Trade such as Offshore Trade, Cross-Border E-Commerce, and Bonded Maintenance**

Gong Zheng stated at the press conference that Shanghai is focusing on enhancing its trade hub function by accelerating the construction of an international trade center. The city will deeply implement the strategy to upgrade the free trade pilot zone, take the lead in building a system and regulatory model that connects with international high-standard economic and trade rules such as CPTPP and DEPA, and accelerate the construction of significant trade carriers such as the "Silk Road E-commerce" cooperation pilot zone, the import trade promotion innovation demonstration zone, and the Eastern Hub International Business Cooperation Zone, promoting the accelerated development and scaling up of new types of trade such as offshore trade, cross-border e-commerce, and bonded maintenance.

**Shanghai: Continuously Deepening Capital Market Reform and Enhancing the Functions of the SSE Main Board, STAR Market, and Other Capital Markets**

Gong Zheng stated at the press conference that since its establishment five years ago, the STAR Market has become the preferred listing place for hard technology companies. To date, there are 570 listed companies, with a total initial public offering fundraising of over 900 billion yuan. Among them, 90 are Shanghai-listed companies. Although Shanghai does not have the highest number, it ranks first in terms of cumulative initial public offering fundraising and market value of companies listed on the STAR Market, with fundraising reaching 230 billion yuan. We will cooperate with national regulatory authorities to continuously deepen capital market reform, enhance the functions of the Shanghai Stock Exchange Main Board, STAR Market, and other capital markets, and strive to make Shanghai's capital market an important engine for supporting technological innovation and cultivating new quality productive forces.【CITIC Securities: Self-media and other channels spreading false and misleading information contrary to facts, the company reserves the right to pursue legal responsibilities】

CITIC Securities' official website recently released a statement: Recently, the company has noticed that self-media, personal accounts, and others have been publishing and disseminating false and misleading information about CITIC Securities. These statements are contrary to the facts and have seriously damaged the reputation of CITIC Securities, which is also not conducive to the orderly and healthy development of the capital market. To this end, CITIC Securities solemnly declares: The company has always been firmly implementing the various guidelines and policies of the Party and the state, abiding by all laws and regulations, respecting the supervision and guidance of regulatory authorities, safeguarding the rights and interests of investors, and actively fulfilling the responsibilities of a state-owned financial enterprise. In the future, the company will continue to conscientiously implement the Party and state's guidelines and policies, adhere to legal and compliant operations, protect the legitimate rights and interests of investors, and promote the healthy and stable development of the capital market. To safeguard the company's legal rights and interests, the company reserves the right to pursue legal responsibilities for those who publish and disseminate false information.

【The Central Bank conducts a 25 billion yuan 7-day reverse repo operation today】

The Central Bank of China conducted a 25 billion yuan 7-day reverse repo operation today, with a winning bid interest rate of 1.80%, which is consistent with the previous rate.

【Kobayashi Pharmaceutical's health products cause consumer health damage, Japanese Prime Minister calls for the truth to be uncovered】

According to CCTV News, on March 28th local time, regarding the incident where Kobayashi Pharmaceutical's health products containing red yeast rice caused consumer health damage, Japanese Prime Minister Fumio Kishida stated that efforts must be made to find out the cause and consider taking all necessary corresponding measures. According to a message released by Kobayashi Pharmaceutical on the 28th, the company received a report on the 27th that two more consumers who took the company's health products containing red yeast rice had died. So far, the number of consumers who have died after taking the company's health products containing red yeast rice has reached four. In addition, according to a report by Kyodo News on the 27th, the number of people hospitalized after taking the problematic health products has risen to 106.