March 26 Investment Risk Warning: 6 Days of 4 Limit-Up Popular Stocks Highlighting Risks, Projected Loss of 145 Million to 185 Million Yuan in 2025

Introduction: According to the Financial Associated Press on March 26, potential risk events in the A-share and overseas markets are as follows. Domestic economic information includes: 1) China COSCO Shipping has resumed booking services to Gulf countries, but vessels will not pass through the Strait of Hormuz for now; 2) The Silicon Industry Association has published a report indicating that polysilicon prices continue to decline, and upstream and downstream companies have a relatively pessimistic outlook; key company updates include: 1) Orid’s stock has hit the limit up four times in six days, warning of a projected loss of 145 million to 185 million yuan in 2025; 2) Huagong Technology anticipates a 20% year-on-year increase in net profit for 2025, with Q4 net profit of 149 million yuan, a 63% quarter-on-quarter decline; key overseas market updates include: 1) Iran has rejected the U.S. ceasefire proposal and has set forth five conditions; 2) Data shows that Russia’s oil export capacity has been reduced by 40%.

Economic Information

1. China COSCO Shipping previously announced service updates: Starting today, it will resume new booking services (standard containers) from the Far East to Gulf countries including the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. The resumption of shipments does not mean that COSCO’s container ships can pass through the Strait of Hormuz; several COSCO personnel stated that vessels will temporarily not go through the strait but will first transport containers by sea to Sohar Port in Oman on the eastern side of the strait; then to the UAE’s Ports of Al Hafji and Fujairah, as well as Jeddah Port in Saudi Arabia, and finally transfer containers to these countries via land transportation. (Caixin)

2. In response to online rumors regarding a major smuggling case involving 220 tons of rare earths worth over 4.6 billion yuan recently uncovered by the Lianyungang Customs, a relevant person from Lianyungang Customs responded to reporters from the Financial Associated Press, stating: “After verification, our customs has not uncovered any related cases.” (Financial Associated Press reporter Wang Bin)

3. Brazil will restore poultry access to China across the country in November 2025, and in Rio Grande do Sul in January 2026. Related supplies have been gradually arriving at ports since February, with imports showing a quarter-on-quarter increase. Due to shipping schedules and arrival rhythms, the current total import volume remains low, with a significant year-on-year decline. Looking ahead to the second quarter, Brazil’s chicken import volume is expected to continue increasing, gradually returning to normal levels, which may exert some downward pressure on domestic poultry product prices. (Zhongchao Information)

4. Shandong’s independent refineries are operating at a crude distillation load of 59.90%, down 0.53 percentage points from last week. Some refineries have completed maintenance and resumed operations; however, due to poor refining profits, some refineries in Dongying and Heze are continuing to reduce load. As a result, the operating load of Shandong independent refineries continues to decline this period. In the future, Hualian still has maintenance plans, and due to the situation in the Middle East, raw material costs for refineries remain high, making it possible for other refineries to continue reducing load. Comprehensive analysis suggests that the operating load of Shandong independent refineries may continue to decrease, leading to a corresponding reduction in the supply of products such as gasoline and diesel. (Zhongchao Information)

5. The Silicon Industry Association of China released a weekly review on March 25, stating that due to pessimistic sentiments, polysilicon prices continue to hit new lows. The transaction price range for n-type re-investment materials has dropped to 39,000 yuan per ton, and the transaction price for n-type granular silicon has also declined, with an average drop of nearly 8%. The weekly review analyzes that the polysilicon industry is facing severe tests, and the market clearing process may be more complex than expected. Future market stabilization will require not only a definite decrease in inventory but also a substantial recovery in terminal demand and a gradual rebuilding of market confidence.

Company Warnings

1. Orid: The stock has accumulated a cumulative deviation of 20% over three consecutive days of gains; projected loss in 2025 is between 145 million to 185 million yuan.

2. Huagong Technology: Expected net profit growth of 20% year-on-year in 2025, with Q4 net profit of 149 million yuan, a 63% quarter-on-quarter decline.

3. Kaige Precision: The controlling shareholder’s concerted party plans to reduce their holdings by no more than 2.00%.

4. Juchuan Technology: Executive Zheng Wenchang plans to reduce his holdings by no more than 0.26%.

5. Hangzhou Electric: The second-largest shareholder, Fuchunjiang Communication Group, along with four directors, plans to collectively reduce holdings by no more than 0.89%.

6. *ST Yedao: Expected revenue in 2025 may be below 300 million yuan, posing a risk of delisting.

7. Zhongtai Chemical: Projected net profit loss of 289 million yuan in 2025.

8. Maanshan Iron & Steel: Expected net profit loss of 209 million yuan in 2025.

9. Huakong Saige: Projected net profit loss of 105 million yuan in 2025.

10. China General Nuclear Power: Expected net profit of 9.8 billion yuan in 2025, a year-on-year decline of 9.9%.

11. Haishun New Materials: Projected net profit loss of 23.2669 million yuan in 2025, plans for a 10-for-4.6 stock split and 6 yuan payout.

12. Hongqi Chain Store: Expected net profit of 481 million yuan in 2025, a year-on-year decline of 7.78%.

13. Dayuan Pump Industry: Expected net profit of 145 million yuan in 2025, a year-on-year decline of 43.32%.

14. ST Jinglan: If stock prices rise abnormally in the future, it may apply for a trading suspension for further inspection.

Overseas Warnings

1. International oil prices fell on the 25th. As of the close that day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange fell by $2.03, settling at $90.32 per barrel, a decline of 2.2%; Brent crude oil futures for May delivery fell by $2.27, settling at $102.22 per barrel, a decline of 2.17%.

2. U.S. White House Press Secretary Karine Jean-Pierre stated that negotiations between the U.S. and Iran “are still ongoing and productive.” Jean-Pierre noted that there have been “productive contacts” between the U.S. and Iran in the past three days, prompting U.S. President Trump to instruct the Department of Defense to hold off on strikes against Iran’s power and energy infrastructure. Jean-Pierre also warned that if Iran refuses to accept reality, the U.S. will take firmer actions.

Iranian Foreign Minister Zarif stated in an interview with state television on the 25th that in recent days, the U.S. has conveyed proposals for ending the war through several friendly countries, which are currently being studied by senior Iranian officials, but the exchanges of information through these mediators do not imply negotiations with the U.S.

Iran’s state television on the 25th cited a senior Iranian official saying that Iran has rejected the U.S. ceasefire proposal and has put forward five conditions for the ceasefire. The official stated that Iran will not agree to a timeline for ending the war determined by U.S. President Trump, saying, “Iran will end the war only when it decides to do so, and its own conditions are met.” The official outlined five conditions for Iran’s agreement to end the war: the enemy must completely stop “aggression and assassination acts”; a practical mechanism must be established to ensure that war is not imposed on Iran again; guarantees and clarifications regarding war reparations and compensation payments must be provided; all fronts in the region and all resistance organizations must end the war; and Iran’s exercise of sovereignty over the Strait of Hormuz is and will remain Iran’s natural and legitimate right, which must be recognized.

3. According to a report by the New York Times on the 25th, citing Israeli senior officials, given the increasing likelihood of negotiations between the U.S. and Iran, Israel is concerned that President Trump might suddenly end the conflict, leading Prime Minister Netanyahu on the 24th to order the destruction of as many Iranian military industrial facilities as possible within the next 48 hours.

4. On March 25, local time, it was reported that U.S. House Speaker Johnson stated that the Iran war is “close to ending with objectives achieved,” emphasizing that the U.S. military buildup in the Middle East serves as a warning to Iran, while also stating, “There will be no ground operations.” The Trump administration has recently been reported to be sending additional ground combat forces to the Middle East. Marine Expeditionary Units 31 and 11, consisting of thousands of troops, are on their way, and combat units of the 82nd Airborne Division are also preparing to head to the Middle East.

5. Data shows that Russia’s oil export capacity has been reduced by 40% due to infrastructure attacks and incidents involving seized tankers.

(Financial Associated Press, Zhai Zhehao)