In the coming week, global markets will enter a mode of 'extreme tension.' Geopolitically, the 48-hour ultimatum issued by Trump to Iran is approaching, and whether or not the Strait of Hormuz will be blockaded will directly shape energy costs and inflation expectations. In terms of earnings reports, Hong Kong and U.S.-listed tech stocks are entering a 'Super Internet Week,' during which major companies like Meituan, PDD Holdings, and Xiaomi will release their results simultaneously.
Overview of Key Events
Geopolitical rivalry triggers 'energy storm,' inflation expectations face renewed challenges
Currently, the conflict in the Middle East continues, remaining a core variable disrupting global markets. According to reports, U.S. President Trump issued a '48-hour ultimatum' to Iran via social media, demanding the full opening of the Strait of Hormuz or threatening to strike its largest power plant.
Further reading:Change in tone again! Trump gives Iran a 48-hour deadline to open the Strait of Hormuz, threatening to destroy its power plants.
The Strait of Hormuz accounts for approximately 20% of global seaborne oil trade. If the blockade persists, Brent crude oil prices may stabilize above $100 per barrel, further increasing the risk of secondary global inflation.
The market has largely ruled out the possibility of the Federal Reserve cutting interest rates this year, with traders even beginning to price in the risk of rate hikes. The CPI data from Japan released next Tuesday and the Bank of Japan's meeting minutes on Wednesday will serve as important indicators, requiring attention to whether geopolitical pressures force the Bank of Japan to pivot hawkish earlier than expected.
Super Earnings Week kicks off as tech giants and new consumer stocks report their results
Next week, major Chinese tech companies listed in Hong Kong and the U.S. will release their 2025 performance reports. The market is focused on AI commercialization progress, overseas expansion, and profit margins amidst existing competition.
Tuesday $XIAOMI-W (01810.HK)$The market will closely monitor Xiaomi Group's gross margin performance for its automotive division and its plans for new models in 2026, as well as changes in its high-end smartphone market share globally.
On Wednesday $PDD Holdings (PDD.US)$Key highlights in the earnings reports will include the narrowing losses in PDD Holdings' cross-border business and Kuaishou's growth in e-commerce closed-loop operations.
Thursday$MEITUAN-W (03690.HK)$The market is focused on its defensive costs in responding to competition in the local services sector and the breakeven point of its instant retail business.
In addition, Hong Kong stocks have been releasing earnings reports intensively, with a focus on $LAOPU GOLD (06181.HK)$ 、 $POP MART (09992.HK)$ 、 $MIXUE GROUP (02097.HK)$ 、 $GUMING (01364.HK)$ new consumer companies such as
Economic and technological forums have been sending strong industry signals
The China Development Forum was held over the weekend, followed by the Boao Forum for Asia from March 24 to 27. Against the backdrop of rising global geopolitical and trade uncertainties, discussions on regional cooperation, industrial upgrading, and cross-border capital flows are expected to attract significant market attention.
In the technology sector, the Zhongguancun Forum Annual Meeting and SEMICON China were held successively. The former covers cutting-edge areas such as 6G, brain-computer interfaces, cell and gene therapy, while the latter serves as a comprehensive showcase for the broader semiconductor chain, including chip design, manufacturing, packaging and testing, equipment, materials, displays, and photovoltaics.
The Boao Forum for Asia opened on Tuesday: This year’s theme is 'Shaping a Shared Future,' with important policy signals expected to be released in green and low-carbon development, digital intelligence-driven conference organization, and regional cooperation.
The Zhongguancun Forum opens on Wednesday: Focused on 'Deep Integration of Science and Technology Innovation and Industrial Innovation,' core keywords in parallel forums will include 6G, brain-computer interfaces, and embodied intelligence.
Key Earnings Calendar for the Week Ahead
Further reading:[Prize] Second Half of the Big Test for Chinese Companies Listed Abroad: Xiaomi, Meituan, PDD Holdings, Kuaishou Take Over; Pop Mart and Mixue Group Share the Stage – A Quick Recap of Weekly Performance（3.23-3.27）
Monday (March 23)
Keywords: Developments in the Middle East situation, Trump's 48-hour ultimatum deadline
In terms of geopolitics, Trump demanded over the weekend that Iran fully restore navigation through the Strait of Hormuz within 48 hours, or face attacks on its power infrastructure. For global markets, attention on Monday will focus on the resumption of navigation through the Strait of Hormuz, whether tankers resume passage in large volumes, and whether the US and its allies take further military or escort actions.
The official reservation page for Huawei's devices shows that the launch event will be held at 14:30 on March 23. The market is watching how the new product lineup will drive sentiment across the consumer electronics supply chain, the HarmonyOS ecosystem, and smart vehicle-related concepts.
In terms of performance, $WUXI APPTEC (02359.HK)$ 、 $LAOPU GOLD (06181.HK)$ 、 $SANHUA (02050.HK)$ 、 $WERIDE-W (00800.HK)$ Certain Hong Kong-listed stocks will announce earnings reports. Additionally, the US $Lithium Argentina AG (LAR.US)$ will announce its results before the US stock market opens.
Tuesday (March 24)
Keywords: Opening of the Boao Forum, Xiaomi's earnings report, Japan's February CPI
The 2026 annual meeting of the Boao Forum for Asia will be held from March 24 to 27 in Hainan, with the theme 'Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation.'
On the economic data front, Japan's February CPI will be released at 7:30, while the preliminary Eurozone March PMI will be published at 17:00.
In terms of earnings, $XIAOMI-W (01810.HK)$、 $WUXI BIO (02269.HK)$、 $MIXUE GROUP (02097.HK)$、 $NONGFU SPRING (09633.HK)$、 $SENSETIME-W (00020.HK)$、 $HAIDILAO (06862.HK)$ Several Hong Kong-listed companies will release their earnings reports, including those in the US stock market. $Hesai (HSAI.US)$ will announce earnings before the US stock market opens, $GameStop (GME.US)$ will announce earnings after the US stock market closes.
Wednesday (March 25)
Keywords: PDD Holdings, Kuaishou earnings reports, US EIA crude oil inventories
In terms of economic data, the EIA crude oil inventory for the week ending March 20 in the United States will be announced at 22:30.
In terms of financial events, the 2026 Zhongguancun Forum Annual Meeting will open in Beijing, with the theme 'Deep Integration of Technological Innovation and Industrial Innovation.' SEMICON China 2026 will also be held in Shanghai. The former focuses more on policy, cutting-edge technology, and industrial implementation, while the latter serves as an important industry benchmark for the semiconductor design, manufacturing, packaging and testing, equipment, and materials sectors.
In terms of performance, $KUAISHOU-W (01024.HK)$ 、 $POP MART (09992.HK)$ 、 $KINGSOFT (03888.HK)$ Hong Kong stocks will announce earnings reports. Additionally, U.S. stocks... $PDD Holdings (PDD.US)$ 、$Ondas (ONDS.US)$ will release earnings before the US stock market opens. $Beyond Meat (BYND.US)$ will announce earnings after the US stock market closes.
Thursday (March 26)
Keywords: Meituan earnings report, G7 Foreign Ministers' Meeting, U.S. initial jobless claims
In terms of economic data, the weekly initial jobless claims will be released at 20:30, one of the most timely high-frequency indicators of the U.S. labor market.
In terms of financial events, the G7 Foreign Ministers' Meeting will take place from March 26 to 27. Amid escalating tensions regarding Iran and the Strait of Hormuz, the G7's statements on energy supply, maritime channel security, and regional dynamics are highly anticipated.
In terms of performance, $MEITUAN-W (03690.HK)$、 $CHINA MOBILE (00941.HK)$、 $CNOOC (00883.HK)$、 $BYD COMPANY (01211.HK)$ Several Hong Kong-listed companies will release their earnings reports, including those in the US stock market. $Pony AI (PONY.US)$ will announce its results before the US stock market opens.
Friday (March 27)
Keywords: Changfei Fiber Optic Cable/BYD Electronics earnings report
In terms of economic data, China’s industrial profit figures for enterprises above designated size from January to February will be released at 9:30.
In terms of performance, $YOFC (06869.HK)$ 、 $ICBC (01398.HK)$ 、 $CCB (00939.HK)$ 、 $BYD ELECTRONIC (00285.HK)$ 、 $PETROCHINA (00857.HK)$ 、 $GOLDWIND (02208.HK)$ will release their earnings reports.
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Wishing all fellow investors a successful week ahead!
Editor/Ray