March 5th: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and important financial media

March 5th (Thursday), the main highlights of today’s headlines are as follows:

China Securities Journal

The Fourth Session of the 14th National People’s Congress Holds Press Conference; Spokesperson Lou Qinjian Says This Year Will Focus on Boosting Consumption and Building a Strong Domestic Market

The press conference for the Fourth Session of the 14th National People’s Congress was held at noon on the 4th. Spokesperson Lou Qinjian answered questions from Chinese and foreign journalists regarding the agenda and related work of the NPC. Lou stated that this year, the focus will be on expanding domestic demand as a strategic foundation, vigorously boosting consumption, and promoting the development of a strong domestic market. The Standing Committee of the National People’s Congress will supervise efforts to build a unified domestic market, advance rural revitalization, and will draft laws on social assistance, medical security, and childcare services. More resources will be allocated to people’s livelihoods, enabling citizens to consume, dare to consume, and be willing to consume.

First “Committee Member Channel” Focuses on Independent Innovation

On the afternoon of March 4th, the first “Committee Member Channel” collective interview of the 14th CPPCC was held at the Great Hall of the People. CPPCC members including Huang Sanwen, President of the Chinese Academy of Agricultural Sciences and Academician of the Chinese Academy of Sciences; Pan Jianwei, Vice Chairman of the Jiusan Society Central Committee and Academician of the Chinese Academy of Sciences; Yang Jie, former Chairman of China Mobile Group; Zeng Yiqun, Chairman of CATL; and Li Ying, Professor at Dalian Maritime University, discussed topics such as agricultural science and technology, quantum technology, information and communication, renewable energy, and maritime transportation, focusing on independent innovation and development.

NPC Deputy and Taineng Co., Ltd. Chairman Zhang Tianren: Break Through Bottlenecks and Build a Market-Oriented and Safe Long-Term Energy Storage Mechanism

“Our new energy storage industry has achieved the world’s largest installed capacity. As we shift from ‘policy-driven’ to ‘market-driven’ development, we must both ensure safety and address development bottlenecks to achieve high-quality industry growth,” said Zhang Tianren, NPC deputy and chairman of Taineng Co., Ltd., in an exclusive interview. With years of experience in the new energy sector, he proposed suggestions for deepening market reform and improving lifecycle management of energy storage.

February Manufacturing PMI Data Released; Growth Momentum in High-Tech Manufacturing Continues

According to data released by the National Bureau of Statistics on March 4th, China’s manufacturing Purchasing Managers’ Index (PMI) in February was 49.0%, down 0.3 percentage points from the previous month. High-tech manufacturing maintained growth momentum, with a PMI of 51.5%. The non-manufacturing business activity index was 49.5%, up 0.1 points from last month, indicating an improvement in non-manufacturing sector activity.

Shanghai Securities News

First “Committee Member Channel” Focuses on Technological Innovation, Signaling New Economic Momentum

During the first “Committee Member Channel” interview of the 14th CPPCC on March 4th, “technology” and “independent innovation” were frequently mentioned. Members from various fields used data and breakthroughs to outline China’s strong momentum driven by innovation, signaling a surge in new economic drivers.

A-shares Shrink in Volume, Funds Focus on Quality Growth

On March 4th, the A-share market experienced weak, volatile trading throughout the day. The Shanghai Composite closed at 4,082.47 points, down 0.98%; the Shenzhen Component at 13,917.75 points, down 0.75%; the ChiNext at 3,164.37 points, down 1.41%; and the STAR Market at 1,717.99 points, down 0.65%. Total turnover was 2.3658 trillion yuan, a decrease of over 760 billion yuan from the previous day.

The Fourth Session of the 14th NPC Holds Press Conference; Spokesperson Responds to Hot Topics; Focus on Boosting Consumption and Building a Strong Domestic Market

The NPC press conference on March 4th announced that the session will open on the morning of March 5th and close in the afternoon of March 12th, lasting 8 days with three plenary meetings. The government will promote quality service consumption, optimize policies for old-for-new exchanges, create an internationalized consumption environment, and enrich consumption scenarios through activities like “Shopping in China.” Efforts will be made to promote high-quality employment, implement income-increasing plans for urban and rural residents, and improve public services such as education, childcare, elderly care, and healthcare to reduce residents’ worries about consumption. Spokesperson Lou Qinjian said the session will include three press conferences on economy, livelihoods, and diplomacy, along with “delegate channels” and “minister channels” before and after key meetings.

Re-emerging Inflation Concerns and Changing Expectations for Federal Reserve Rate Cuts

Amid geopolitical tensions, US inflation pressures have re-emerged as a market focus. Investors are reassessing the Fed’s rate cut path, with US bond yields rising, disrupting traditional safe-haven logic. Analysts generally believe that rising oil prices have shifted market concerns from “hedging” to “defending against inflation.” If Middle East conflicts persist and impact oil supply, US inflation could rise significantly, constraining the Fed’s monetary policy space and adding new uncertainties to the global economic outlook.

Securities Times

“Committee Member Channel” Highlights Robust Innovation Momentum in Science and Technology

On March 4th, at the north side of the main hall of the Great Hall of the People in Beijing, the first “Committee Member Channel” of the 14th CPPCC opened as scheduled, with nine members appearing in three groups. Through vivid storytelling and breakthroughs, they painted a multi-dimensional picture of China’s economic and social development, emphasizing the accelerating transformation of scientific and technological innovation into development momentum.

Press Conference for the Fourth Session of the 14th NPC; Increasing Resources for Livelihoods to Reduce Residents’ Consumption Worries

The NPC press conference on March 4th announced that the session will open on the morning of March 5th and close in the afternoon of March 12th, lasting 8 days with three plenary meetings. During the session, three press conferences will be held on economy, livelihoods, and diplomacy. There will be three “delegate channels” and three “minister channels” for interviews, held before and after the opening, second plenary, and closing meetings. The “14th Five-Year Plan” is a crucial period for laying the foundation and making comprehensive efforts toward socialist modernization. Lou Qinjian said the 20th CPC Central Committee’s Fourth Plenary Session approved the “14th Five-Year Plan” proposals, which will be reviewed and approved at this session. Local and departmental plans will be formulated based on the plan, ensuring the achievement of development goals through coordinated efforts.

Geopolitical Risks Do Not Change Strategic Focus; Private Equity Focuses on Certainty Opportunities

Since February, global markets have experienced turbulence amid escalating geopolitical conflicts and asset price divergence. Many leading private equity firms have provided recent assessments on US-Iran tensions, oil and precious metal fluctuations, AI industry trends, and capital reallocation due to RMB appreciation. Notably, domestic private funds have increased confidence in Chinese assets while remaining cautious about valuation risks in US tech stocks.

Bank Wealth Management Enters IPO Subscription Boom; “Hard Tech” Sector Most Favored

This year, Hong Kong’s IPO market has seen a wave of new listings, especially in “hard tech” companies, attracting many institutional investors. Recently, China Post Wealth Management, ICBC Wealth Management, and others announced participation as cornerstone investors in IPOs of companies like GigaDevice, Bairun Technology, MiniMax, and Zhipu, with significant gains reported.

Securities Daily

NPC Spokesperson Lou Qinjian: Will Persist in Expanding Domestic Demand as a Strategic Focus

On March 4th, at the NPC press conference in the Great Hall of the People, Lou Qinjian introduced the agenda and answered questions on topics including expanding domestic demand, AI, and private economy. He said the session will open on March 5th and close on the 12th, with three plenary meetings and three press conferences on economy, livelihoods, and diplomacy. There will be “delegate channels” and “minister channels” before and after key meetings.

Independent Energy Storage Enters a Golden Development Period; Listed Companies Disclose Business Progress

With accelerated renewable energy transformation, independent energy storage is entering a golden period. Many listed companies have disclosed their business layouts and project progress, with industry enthusiasm rising. On March 4th, Shenzhen Nanshan Thermal Power Co. announced that its 100MW/200MWh independent storage project in Zhongshan Nanlang will be commercially operational by June 2025. The company is actively building operational and development capabilities.

Normalizing IPO Review at Beijing Stock Exchange; Capital Focuses on Hard Tech

Since 2026, the Beijing Stock Exchange has maintained regular IPO review processes, with many high-tech companies in intelligent manufacturing, auto parts, and high-end equipment progressing toward listing. On March 4th, high-impact brands like Haifeiman listed on the BSE. Within the week, two more IPOs submitted registration; on March 5th, two listing review meetings will be held for Jialuming and Deshuo Technology.

Surging Demand for Power Grid Equipment; Listed Companies Expand Layouts

According to Eastmoney, on March 4th, power grid equipment stocks performed strongly, with Ningbo Canaan Intelligent Electric and Jiangsu Tongguang Electronic Cable hitting daily limits. Many stocks surged significantly. Cao Zhe, CIO of Aiveng Zhilu Investment, said, “As AI models accelerate and computing clusters scale, the integration of digital economy and energy industries is deepening. Supported by policies, electricity, as the core of AI computing power, is experiencing explosive growth, opening new growth space for related companies.”

National Radio and Television Administration

NPC Deputy Liu Hanyuan: Suggests Including Photovoltaic Manufacturing in Energy Sector Management

During the 2026 National Two Sessions, Liu Hanyuan, NPC deputy, Vice Chairman of the All-China Federation of Industry and Commerce, and Chairman of Tongwei Group, proposed that China’s photovoltaic manufacturing should be integrated into energy sector management to promote high-quality development and strengthen the foundation of the national new energy system.

Post-Rise Market Divergence; Oil and Gas Stocks Show “Ice and Fire”

Affected by ongoing tensions in the Middle East, the previously strong A-share oil and gas and shipping sectors experienced significant divergence on March 4th. After recent gains, internal momentum shifted, with heavyweight and thematic stocks showing different trends. Several listed companies issued abnormal trading notices, clarifying business issues or warning of overheating risks, attracting market attention.