China Merchants Securities believes that, based on the released data, the industrial recovery in January and February was mainly supported by equipment manufacturing, high technology, and the export chain. Entering March, the manufacturing PMI rebounded to 50.4%, the production index rose to 51.4%, and the new orders index rose to 51.6%, indicating that after the Spring Festival disruption subsided, corporate production activities accelerated significantly, and improved orders also provided some support for production. The first-quarter growth rate is likely to be higher than the lower limit of the policy target of 4.5%, but before a stronger recovery in consumption and the real estate sector, the probability of significantly exceeding the upper limit of the target is not high; it may be recorded at around 5.0%.

Driven by demand for AI infrastructure, Microsoft and Google are in talks with SK Hynix for a three-year DRAM supply agreement. This contract breaks with industry practice by introducing a floor price guarantee and a 10% to 30% upfront deposit mechanism to ensure supply security. With DDR4 prices soaring nearly tenfold in a year, memory chips have become a strategic reserve resource, contributing to record-high first-quarter earnings forecasts for Samsung and SK Hynix.

Schwab's entry into direct crypto trading could significantly reshape the brokerage landscape, intensifying competition and broadening access.

Blockchain's potential to transform the $900 trillion financial system could redefine global asset movement.