A-shares and Hong Kong stocks surge collectively! Trump's latest statement, Gulf countries issue warning!

Risk appetite clearly rising!

This morning, global liquidity crisis has significantly eased, with key indicators—gold and silver—collectively soaring. As market risk appetite improves, A-shares and Hong Kong stocks have also experienced a major surge. The Shanghai Composite Index rose over 1.1% at one point, the Shenzhen Component Index increased more than 2.1%, and nearly 5,000 stocks in Shanghai, Shenzhen, and Beijing markets gained. The Hang Seng Index extended its gains to 1.2%, and the Hang Seng Tech Index rose over 1.8%.

Notably, Trump stated that the U.S. has the capability to further strike Iran’s critical infrastructure but emphasized a desire to end the war through negotiations to avoid more losses. He also said the conflict could end but did not make a definitive judgment on the final agreement outcome.

According to sources, Trump’s sudden pause in actions against Iran was due to warnings from Gulf countries that the war is entering a more dangerous phase, and officials in the region are increasingly worried that Washington may misjudge Tehran’s willingness to escalate further.

Market Rally

On the morning of March 25, Asia-Pacific markets all rose, with A-shares and Hong Kong stocks experiencing a major breakout. The Shanghai Composite Index once rose over 1.1%, the Shenzhen Component Index over 2.1%, and nearly 5,000 stocks in Shanghai, Shenzhen, and Beijing markets gained. The Hang Seng Index increased to 1.2%, and the Hang Seng Tech Index rose over 1.8%. The A50 also surged nearly 1%. Looking at major asset classes, gold and silver saw significant rebounds, indicating a clear easing of market liquidity and a rise in risk appetite.

Structurally, A-shares related to computing power leasing repeatedly gained momentum, with Aoruid hitting two consecutive limit-ups, and GuoHuan New Network rising over 15%. Copper Bull Information, Aofei Data, Hongjing Technology, TeFeng Information, and Meiliyun all gained over 7%.

CICC’s electronic research team believes that the token economy: tokens as AI “settlement units” are accelerating business cycles. A straightforward data point: daily token calls in early 2024 reach 100 billion; by the end of 2025, 100 trillion; by March 2026, over 140 trillion—more than a thousandfold increase in two years. Since the end of January, some model companies’ revenue in 20 days has exceeded their entire 2025 income. Large models are shifting from “selling capabilities” to “selling usage”—tokens have measurable, priced, tradable attributes, and a new value system around calls/distribution/settlement is rapidly forming, closing the loop from data supply to value realization.

In addition, green energy stocks also performed very well. The sector once saw 11 stocks hitting the daily limit, with China Power LiaoNeng hitting 8 consecutive limit-ups. GF Securities believes that over the next decade, driven by strong demand for computing power and the development trend of integrated electric computing, green electricity-centered power assets will see stable profits and long-term growth, leading to a “Davis double play” of stable earnings and future growth.

Middle East Developments

After Trump sent the “TACO” signal, markets began to rebound. But the situation in the Middle East differs from last year’s global tariff wars. Last year, it was mainly Trump making decisions alone, but now Israel and several Gulf countries are involved.

According to media reports, regional sources and analysts say Trump’s sudden pause in actions against Iran was due to warnings from Gulf countries that the war is entering a more dangerous phase, and officials in the region are increasingly concerned that Washington may misjudge Tehran’s willingness to escalate further.

Three regional sources said Gulf Arab states directly warned him that attacks on Iran’s power plants could provoke Iran to retaliate against critical energy and seawater desalination facilities. Two other sources said Iran, through an Arab mediator, warned Gulf governments that if the U.S. attacks Iran’s power facilities, Iran would respond with unlimited retaliation.

Alex Watanka, an analyst at the Middle East Institute, stated that what surprised Trump was Iran’s ability to continue engaging in the conflict and to act without restraint when the situation escalates. “They are fearless, unrestricted, and unhesitating. Once it’s clear Iran intends to attack energy facilities in the Gulf, Trump will have to make concessions.”

On March 24, local time, Trump stated that the U.S. has the capability to further strike Iran’s critical infrastructure but emphasized a desire to end the war through negotiations to avoid more losses. He said the conflict could end but did not make a definitive judgment on the final agreement. Regarding nuclear issues, he reaffirmed that Iran will not have nuclear weapons and stated that U.S. military actions have already destroyed Iran’s nuclear capability. He mentioned that if he had not withdrawn from the Iran nuclear deal, Iran might have already possessed nuclear weapons.

U.S. Secretary of Defense Lloyd Austin also said that this operation is different from the Iraq and Afghanistan wars; the goal is clear—“eliminate nuclear capability risks,” not long-term intervention or reconstruction.

Layout: Wang Lulu

Proofreading: Ran Yanqing