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Golden Ten Data reported on March 18 that due to the decline in natural gas supply caused by the Iran conflict, some natural gas users have switched to coal, driving up coal prices. However, whether coal prices can remain strong after the conflict ends remains uncertain. Morgans pointed out that before the US and Israel launched attacks on Iran, the benchmark price of thermal coal exported from Newcastle Port, Australia, was $118 per ton, and has since risen to $138 per ton. Analyst Chris Creech stated: "During the previous round of conflict, which lasted 12 days in June 2025, crude oil prices quickly returned to pre-conflict levels after the conflict ended. If the Strait of Hormuz reopens in the short term and Qatar resumes liquefied natural gas production, coal prices are expected to experience a similar rapid decline." Morgans forecasts that coal prices in the second half of fiscal year 2026 will be $115 per ton, with a long-term assumption of maintaining $120 per ton from fiscal year 2027 onwards.

2025 total revenue reached 32.9 billions RMB, a year-on-year increase of 16%, and non-IFRS net profit rose to 9.9 billions RMB. Online music service revenue grew by 23% year-on-year, successfully offsetting the structural decline in the social entertainment business. 2. The three-tier membership system has proven effective, with SVIP users surpassing 20 millions. The company deepened monetization through the “ad-supported, standard subscription, SVIP” system, and the number of SVIP (Super VIP) users has exceeded the milestone of 20 millions. By integrating priority offline concert ticket purchases and limited-edition merchandise, the company successfully increased the wallet share of core fans. Expand

华泰证券认为，美联储3月会议将维持利率不变，下调增长、上调通胀预测，但点阵图降息指引维持不变；关注鲍威尔对中东局势影响的表述以及对是否留任理事的表态。Huatai Securities believes that the Federal Reserve will keep interest rates unchanged at its March meeting, lower its growth forecast, and raise its inflation forecast, but the dot plot's guidance for rate cuts will remain unchanged. Attention should be paid to Powell's comments on the impact of the Middle East situation and his statement regarding whether he will remain as a board member.