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Iranian military sources claim that Trump's military options have failed and he is turning to social networks to seek a way out, but this may backfire. Iran is preparing "surprise operations" in the coming days, the outcome of the conflict will become clearer, and Trump should focus more on the economic situation.

The A-share market is experiencing increased volatility, and wealth management institutions are maintaining a defensive stance while waiting for right-side signals from the market. Although redemption pressure remains manageable overall, adjustments are already underway on the asset side. Wealth management subsidiaries are taking a cautious approach to the market, with low-volatility investment strategies becoming the preferred choice.

# Ask AI: How Does Declining Consumer Sleep Quality Drive Smart Mattress Innovation?
The smart home industry's intelligent track is heating up again, with leading brands including Gu Ka Home Furnishings, Airweiss, Wanan Home Furnishings, and Mousse collectively launching new smart mattress products, using technological upgrades and ecosystem layout to seize market opportunities. On March 23, Beijing Business Today reporters learned that Gu Ka Home Furnishings released the Lunar Shadow M8Plus smart mattress, integrating wave-form pressure relief, imperceptible snoring reduction, and multiple AI adaptive technologies to provide customized support for different sleep scenarios. Similarly, Mousse launched a new intelligent bed series equipped with XFlash technology, achieving seamless linkage with Harmony Eco smart home appliances, adding multi-device coordinated adjustment functions on the basis of sleep monitoring. Additionally, companies such as Wanan Home Furnishings and Airweiss have successively introduced smart mattresses.
Public data shows that the smart mattress industry is maintaining rapid growth momentum, with market scale already exceeding 18 billion yuan in 2025, with high-end products

Wuxi AppTec's 2025 performance is impressive, achieving a net profit of 19.151 billion yuan, representing a year-over-year increase of 102.65%. The performance growth is attributed to increased operating revenue, optimized production efficiency, and gains from equity disposals. The US market is the primary revenue source, with rapid TIDES business development driving profit growth. The company expects continued revenue growth in 2026 while maintaining a stable net profit margin.

Gold has experienced its largest selloff since 1983 due to inflation concerns sparked by Middle East conflicts and expectations of interest rate hikes, causing gold prices to plummet and lose their status as a safe haven. Despite heightened risk aversion, investors are closing positions and cashing out amid ongoing declines in the stock market, which diminishes gold's appeal. Market expectations for rate increases have surged, further dampening demand for gold.

CITIC Bank achieved profit growth by increasing non-interest income against the backdrop of declining net interest margins. Net profit grew 2.98% in 2025, primarily driven by improvements in fee and commission income, with wealth management business performance being particularly strong. Despite declining retail business revenue, corporate business profitability increased, and total assets exceeded 10 trillion for the first time.

On March 23rd, the National Development and Reform Commission adjusted refined oil prices, raising gasoline and diesel prices by 1,160 yuan and 1,115 yuan per ton respectively, to mitigate the impact of rising international oil prices. Due to the US-Israel-Iran conflict causing international oil prices to surge, the state has decided to implement temporary regulatory measures, setting an upper limit of 130 U.S. dollars to protect the economy and consumers' interests. If oil prices continue to rise in the future, further regulatory measures and fiscal and tax support policies will be considered.

Against the backdrop of Middle East geopolitical crisis, international gold prices have experienced a sharp decline, with losses approaching 20%. Analysis suggests that weakened rate-cut expectations and liquidity tightening have impacted gold's safe-haven attributes. Meanwhile, multiple central banks have maintained unchanged interest rates, pushing the US dollar higher and suppressing gold demand. Despite significant near-term pressure, analysts remain optimistic about gold's long-term prospects.

Ask AI · In the Era of Democratic Creation, How Do Copyright Risks Impact the 3D Printing Industry?
Author | Ding Mao
Editor | Zhang Fan
Cover Source | Visual China
On March 9, 2026, Creality once again submitted a prospectus to the Hong Kong Stock Exchange, seeking a listing on the main board, with CITIC Securities serving as the exclusive sponsor. As the industry leader in 3D printing, this is the company's third attempt to enter the capital markets. If things progress smoothly, Creality is poised to claim the crown of Hong Kong's "first consumer-grade 3D printing stock."
However, the prospectus reveals not only the company's expansion in scale, but also its sustained retreat in the face of Bambu Lab's fierce offensive. This former king, while losing its industry leadership position, also shows troubling signals in its financial statements—shrinking profits and tightening cash flows.
So, under the trend of democratic creation, is consumer-grade 3D printing really a good business? Is Creality still worth paying attention to?
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# Ask AI · How Does Ping An Bank Achieve Resilience with Declining Revenue but Stable Profits?
**Producer** | China Interview Network
**Editor** | Li Xiaoyan
On March 20, Ping An Bank took the lead in disclosing its 2025 annual performance report. This answer sheet released during a critical period of industry transformation demonstrates both operational pressure amid economic fluctuations and resilience and breakthroughs amid strategic adjustments. As one of the first joint-stock banks to disclose annual reports on the A-share market, Ping An Bank navigated challenges including three consecutive years of revenue decline and regulatory penalties, using structural optimization, risk management, and value enhancement as key drivers to forge a high-quality development path of "transformation through hardship and stability through reform."
In 2025, Ping An Bank achieved operating revenue of 134.42 billion yuan, a year-on-year decline of 10.4%, marking the third consecutive year of revenue decline. This is an inevitable result of slowing macroeconomic growth, falling interest rate cycles, and business structure adjustments overlapping. From the perspective of core drivers, net interest income

Reference News published on March 23 an article from Harvard Business Review, a bimonthly publication, titled "Why Great Innovation Is Hard to Scale."
Today, innovation increasingly relies on collaboration across teams and companies. In this process, "cross-boundary integration capability" is critical. Cross-boundary integrators need high emotional intelligence and contextual intelligence, and must fulfill three key functions: screening partners, cross-boundary communication and coordination, and integrating efforts across parties.
Editor: Zhao Wenxuan
Produced by Xinhua News Agency Audio-Video Department

"Smart Evolution" strengthens the foundation for original innovation, "System Evolution" removes obstacles to commercialization, and "Quality Evolution" enables a leap in industrial capabilities.
Text | Outlook Weekly Journalists Hou Wenkun and Song Likun
Hubei has positioned itself strategically around the goals of "meeting national needs and leveraging Hubei's strengths," focusing on the integrated development of technological and industrial innovation. By employing "smart evolution" to reinforce the foundation of original innovation, "system evolution" to resolve bottlenecks in transforming research into products, and "quality evolution" to elevate the industrial level, it has carved out a unique path that efficiently transforms the "rich resource" of science and education into a "gold mine" for development.
At the final assembly workshop of Avatr Automotive in Wuhan Economic and Technological Development Zone, workers are operating on the assembly line (photographed on April 24, 2024). Photo by Du Zixuan / This Magazine
Smart Evolution Builds an Innovation Ecosystem Chain
Hubei has implemented three key measures: constructing high-level platforms, reforming research investment mechanisms, and supporting non-consensus projects.

Panic triggered by localized conflicts has recently pushed the Shanghai Composite Index below multiple key levels, with the pullback magnitude reaching historic highs. Huachuang Securities believes the current correction is approaching its bottom, and historical A-shares experience shows that in similar situations, pullback magnitudes typically range from 60% to 80%. The ETF capital situation is warming, with CSI 300 ETF continuing to attract capital inflows, and the central bank has also stated support for financial market stability.

China Resources Beer experienced massive goodwill from its acquisition of Jinsha Liquor, and took impairment charges due to poor performance of its baijiu business, resulting in a nearly 30% decline in net profit last year. While the beer business demonstrated stable performance, the baijiu business faced losses and industry adjustments, with its future recovery prospects remaining unclear.

Precious metals, industrial metals, and base metals have recently experienced significant declines. Heightened market concerns about inflation pose downside risks to copper prices, while aluminum demand is gradually recovering. In the near term, gold faces support from safe-haven demand but pressure from rising interest rates, and gold prices may remain under pressure going forward. Shenwan Hongyuan points out that the financial value of precious metals will continue to manifest, while the small metals market is showing positive changes.

Under the leadership of its new management team, Pudong Development Bank has achieved a performance rebound through strategic restructuring, organizational optimization, and digital and intelligent empowerment. By 2025, its asset size will surpass 10 trillion yuan, with significant increases in revenue and net profit, and asset quality reaching its best level in ten years, despite facing challenges in compliance management. The bank is actively expanding its technology and green finance sectors, improving inclusive financial services, and is committed to transforming into a high-quality development bank. In the future, Pudong Development Bank will continue to optimize its compliance system and promote the unleashing of growth potential.

# Ask AI · Why Did Dongwu Securities' M&A Upgrade Trigger Deep Market Concerns?
Source | Era Business Research Institute
Author | Sun Huaqiu
Editor | Han Xun
Under siege from giants, do small and mid-sized brokers have a way out by joining forces?
On the evening of March 13, after a ten-day trading halt, Dongwu Securities (601555.SH) officially disclosed its asset restructuring plan, upgrading from its original plan to acquire only a 26.68% stake in Donghai Securities to acquiring 83.77% of Donghai Securities' equity through a combination of stock issuance and cash payment, achieving absolute control.
As the first major M&A case in the securities industry in 2026 and also the first domestic integration of state-owned brokers across prefecture-level cities within the same province, this transaction was labeled as "regional financial resource optimization" and "small and mid-sized brokers joining forces to break through" from the outset, and was once viewed by the market as heralding an industry M&A wave.

Nanjing Textile Fiber recently completed a successful restructuring, with Wang Aiqing elected as the new chairman, marking the company's transition toward high-end equipment manufacturing. However, the company's performance has continued to decline over the years, facing delisting risk. If the company incurs losses again in 2025 and revenue falls below 300 million, it will trigger a delisting warning. This restructuring is viewed as a self-rescue measure.