CAS Space’s Yunli Arrow 2 successfully launched; with a busy April full of catalysts, the Satellite ETF Penghua rises against the market trend.

Ask AI · How Will the Cost Advantage of the Lijian-2 Change the Commercial Spaceflight Landscape?

【Macro】

1. On the evening of March 30, Federal Reserve Chair Powell said that, against the backdrop of an energy shock triggered by the U.S.-Iran conflict, the Fed is inclined to keep interest rates unchanged and will temporarily “overlook” this shock. The market has since erased expectations of further rate hikes and instead expects higher odds of rate cuts this year.

【Oil】

1. The U.S. newspaper The Wall Street Journal, citing U.S. government officials, reported that U.S. President Trump told his aides that even if the Strait of Hormuz remains closed, he is willing to end the U.S. military actions against Iran.

2. The Houthis recently released signals indicating they are considering launching military strikes or blockade actions in the Strait of Mandeb to support Iran, posing a risk that global shipping will be obstructed at two key chokepoints.

3. At a regular press conference on March 31, the Ministry of Foreign Affairs said that, after coordination with relevant parties, three Chinese-flagged vessels have recently transited the Strait of Hormuz.

#Oil ETF Penghua · 159697

【Chemicals】

1. Recently, Dalian sulfur sales tender reserve prices were raised significantly, pushing sulfur prices to break through 6200 yuan/ton and hit a record high. The volume of sulfur arriving at ports in March fell by more than 50% year over year, while port inventories dropped to 1.5544 million tons.

#Chemical ETF Penghua · 159870, Grain ETF Penghua · 159698

【Grain】

1. Some institutions point out that, as the Middle East conflict continues and rising energy prices improve the economics of biodiesel, the uptrend in the long-term prices of agricultural products is expected to continue.

2. As of March 27, Ukraine’s grain export volume for the 2025/26 season was 25.62 million tons, down 20.4% year over year. Meanwhile, Argentina announced that it will allow up to 15% ethanol to be blended into gasoline. Demand for biofuels provides additional support for agricultural product prices.

#Grain ETF Penghua · 159698

【Chips & AI】

1. China’s AI large-model weekly usage reached 7.36 trillion Tokens. For three consecutive weeks, it exceeded the U.S.’s 2.95 trillion Tokens. Institutions noted that China’s AI industry ecosystem shows characteristics of an “application-driven, inclusive implementation” pattern in its deployment pace.

2. Some institutions point out that in recent years, China’s chip export growth rate has been significantly higher than its import growth rate. The trade deficit in imports and exports has continued to narrow, and it is expected to turn into a net export position within 5–10 years.

3. Baidu’s ERNIE Bot 5.0 open agent platform: by mid-March, the cumulative number of created agents reached 1.2 million. Of these, the share for commercial use is 32%, covering end-user and business-user scenarios such as workplace assistants and travel planning.

4. Alibaba’s Tongyi Qwen 3.0 has released vertical-domain agent templates, compressing the enterprise AI deployment cycle from 3 months to 2 weeks, while reducing total costs by 60%.

5. OpenAI is shifting toward enterprise-level products. In just six weeks after the launch of an advertising pilot program, annualized revenue exceeded $100 million. Institutions noted that the focus of the AI industry is moving from “competing on model development” to “competing on applications,” with the commercialization payoff period for vertical scenarios arriving faster.

6. SEMICON China 2026 clearly indicated that in 2026, the domestic market size for wafer fabrication equipment in China will be challenged to reach $40–$45 billion.

#Semiconductor ETF Penghua · 159813, STAR Market Semiconductor Equipment ETF Penghua · 589020, STAR Market Chip ETF Penghua · 588920, Cloud Computing ETF Penghua · 159739, STAR Market AI ETF Penghua · 589090, STAR Market Venture Entrepreneurship Artificial Intelligence ETF Penghua · 588410

【Robotics】

1. In 2025, global shipments of humanoid robots are close to 18k units, up about 508% year over year.

#Robotics ETF Penghua · 159278

【New Energy】

1. The State Administration for Market Regulation issued an anti-unfair competition notice, launching a comprehensive effort to curb “involution-style” competition. The notice focuses on sectors including the platform economy, photovoltaics, lithium batteries, new energy vehicles, and others. It aims to crack down on malicious, homogeneous competition, strengthen supervision of unfair online competition, and prevent large enterprises from withholding payments owed to small and medium-sized enterprises.

2. Nuclear energy, as a clean-energy pathway to meet the massive power consumption needs of AI data centers, is prompting tech giants to rush into planning. The UAE announced it will build the largest AI park in the world outside the United States (25.9 square kilometers, 5GW), supporting the operation of about 2.5 million NVIDIA B200 chips.

3. Currently, the solid-state transformer (SST) industry is entering a small-batch sampling and test-sending stage. Product volume has been reduced by 60%, and conversion efficiency exceeds 98%.

#Science and Innovation New Energy ETF Penghua · 588830, Venture Board New Energy ETF Penghua · 159261

【Securities】

1. As of early morning on March 31 (8:00 a.m.), among brokerages that have disclosed their complete 2025 annual reports, there are 8 brokerages whose net profit attributable to shareholders has surpassed 73.6k yuan.

#Securities ETF Penghua · 159993, Securities and Insurance ETF Penghua · 515630,

【Commercial Spaceflight】

1. On March 30, the China Academy of Space Technology’s Lijian-2 successfully launched from the Dongfeng Commercial Spaceflight Innovation Test Site, precisely placing 3 satellites into their planned orbits. Lijian-2 is China’s first CBC carrier rocket. In its non-recovery configuration, the cost is already on par with the recovered configuration of the Falcon 9. In the future, after recovery, it is expected to drop to half of SpaceX’s level.

2. In April, a dense rocket launch cadence is about to release catalysts: on the 2nd, Tianlong-3’s maiden flight (for recoverable verification) is scheduled; in the second half of the month, Long March 100M will be launched from Hainan, and ZUQUE-3’s 2nd remote recovery verification will be conducted.

3. The in-orbit operation test of the YuXing-3 06 flexible robotic arm has been completed successfully, marking a major breakthrough in China’s commercial spaceflight on-orbit service technology.

#Satellite ETF Penghua · 563790