GMT EIGHT - OPPORTUNITIES IN CHINA

Xinhua News Agency: Xi Jinping speaks with Saudi Crown Prince and Prime Minister Mohammed over the phone.

New Stock Outlook | Yipin Nutrition Resubmitting: Aiming to become the "number one stock in goat milk powder", will FSMP be the second growth curve?

Recently, the Yipinhao Nutrition Technology (Qingdao) Group Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, intending to go public on the main board of the Hong Kong stock market.

China Automobile Industry Association: The top ten automobile companies in sales from January to March sold a total of 5.94 million vehicles.

According to the statistical analysis of the China Association of Automobile Manufacturers, in January-March 2026, the top ten companies (groups) in terms of automotive sales sold a total of 5.94 million vehicles, accounting for 84.3% of the total automotive sales.

Neurorehabilitation medical equipment company Mobia Medical (MOBI.US) plans to go public on NASDAQ, with plans to raise up to $100 million.

On April 17th, Mobia Medical officially submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC).

Alibaba Cloud: The default rate limit for the Hundred Refining Multi-Modal Interaction Development Kit will be adjusted to 10 QPS.

Aliyun Announcement: In order to optimize platform resource scheduling and improve overall service stability, the large model service platform Bai Lian multimodal interaction development kit will adjust the default API call rate limit on April 28, 2026. The specific update is as follows: The default rate limit will be adjusted to 10 QPS. This quota supports the creation of 600 sessions per minute and 36,000 sessions per hour, meeting the call needs of the vast majority of development debugging and routine business scenarios. Customers who have already applied for the rate limit adjustment will not be affected by this change.

The U.S. bond market holds its breath! Powell's confirmation hearing may reveal the Federal Reserve's policy path.

As bond traders become increasingly optimistic about the prospect of an end to the Middle East conflict, they believe the next key catalyst will come from Capitol Hill - when Kevin Wash will appear at a Senate hearing as the nominee for Chairman of the Federal Reserve, nominated by President Trump.

Tesla: Currently, there are no specific plans to mass-produce robots at the Shanghai Gigafactory.

On April 20th, it was reported that on April 14th, Tesla Vice President Wang Hao only discussed Tesla's Shanghai Gigafactory having good scale production capacity at a media event when asked about robots. He emphasized that Tesla currently does not have any specific plans to mass produce robots at the Shanghai Gigafactory and requested not to report that Tesla is about to mass produce robots in Shanghai, as this information is incorrect, according to Tesla China.

Hormuz Strait remains deadlocked, oil prices surging, with Tesla and other giants' financial reports coming this week, can the market continue to ignore the "war noise" model?

In the coming week, investors will face a busy week of earnings releases. Tesla and Intel will headline this busy earnings week. The economic data schedule, on the other hand, will be relatively calm. Retail sales data released on Tuesday and the University of Michigan Consumer Sentiment Index released on Friday will be the highlights of this week's economic data releases.

The balance of financing in the two cities increased by 21.69 billion yuan.

As of April 17th, the financing balance of the Shanghai Stock Exchange was reported at 1.341425 trillion yuan, an increase of 0.619 billion yuan from the previous trading day; the financing balance of the Shenzhen Stock Exchange was reported at 1.301422 trillion yuan, an increase of 1.55 billion yuan from the previous trading day; the total financing balance of the two exchanges was 2.642847 trillion yuan, an increase of 2.169 billion yuan from the previous trading day.

Shenzhen Stock Exchange announcement, the list of securities eligible for trading under the Stock Connect program will be updated to include NIO Inc., effective April 20.

The Ministry of Industry and Information Technology and other departments held a symposium on the photovoltaic industry to deploy the relevant work of regulating the competition order of the photovoltaic industry.

On April 17, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation, the National Energy Administration, and other departments jointly held a symposium on the photovoltaic industry to deploy related work on regulating the competition order in the industry. The meeting emphasized the need to thoroughly implement the work deployment of the Party Central Committee and the State Council on regulating the competition order in the photovoltaic industry, deeply understand the importance and urgency of addressing "internal competition," and solidly promote the work of "anti-internal competition" in the photovoltaic industry. The meeting required strengthening coordinated efforts among departments, continuously deepening the governance work in the photovoltaic industry, vigorously advancing comprehensive governance related to "anti-internal competition", such as capacity regulation, standard leadership, innovation drive, price law enforcement, quality supervision, mergers and reorganizations, intellectual property protection, and promoting high-quality development of the photovoltaic industry. The China Photovoltaic Industry Association, as well as relevant enterprises such as China Huaneng Group, China Datang Group, China Huadian Group, State Power Investment Corporation, State Energy Investment Group, and China National Nuclear Corporation participated in the meeting.

AI panic is referred to as "emotion killing," and the bear market Barry loudly flipped! US software stocks violently rebounded.

After going through a long "darkest moment", network security and enterprise software stocks, which had suffered a severe setback due to the "artificial intelligence replacement theory", staged a rare counterattack.

The sudden exchange of fire in the Strait of Hormuz between the United States and Iran caused Brent crude oil to jump nearly 8%, escalating the global energy crisis once again.

International crude oil and natural gas prices have surged significantly.

Hong Kong stock concept tracking | Outperforming humans! Glory Siasun Robot & Automation wins the half marathon championship, institutions are optimistic about these three main directions (with concept stocks)

From the perspective of mass production, it is widely believed within the industry that 2026 is the key year for the mass production of humanoid robots.

The optimistic information released by Trump was refuted one by one by Iran over the weekend. WTI crude oil jumped 5% on Monday, opening at $91.35 per barrel; the futures of the three major US stock indexes all opened lower, with Nasdaq futures down 0.9%.

Cui Dongshu: Automobile exports are advancing by leaps and bounds, while auto parts are under pressure.

Chinese exports of goods showed relatively strong growth overall in 2026, with exports totaling $977.6 billion in January-March 2026, a year-on-year increase of 14%.

Zhongtai: How much does the first quarter report of the technology sector contribute to the market?

From the sector distribution of the disclosed annual reports, it can be seen that the performance growth of the technology, high-end manufacturing, and pharmaceutical sectors in 2025 is overall ahead of other sectors, reflecting the structural highlights under industrial upgrading and technological innovation drive.

China Securities Co., Ltd.: Continued high prosperity in the global optical communication industry, five years of growth expected.

The industry believes that it is normal for market prices to fluctuate temporarily, similar to storage. With the upcoming release of quarterly reports and recent large increases in the sector, some adjustments may occur. However, the outlook for the fiber optic cable industry remains positive, and the adjustment may present an opportunity. We continue to have a positive outlook.

Guosheng: Liquid cooling transitions from expectations to mass production, opening a double inflection point for NV + CSP.

Liquid cooling has moved from the expected stage to the landing and delivery stage. It is recommended to focus on liquid cooling manufacturers who have a stable share in the NV platform and top CSP supply chain, and have system-level delivery capabilities.

Maritime intelligence company: Iranian Revolutionary Guard fires on oil tankers attempting to cross the Strait of Hormuz.

The maritime intelligence company "Oil Tanker Tracker" website stated on social media on the 18th that two Indian vessels attempting to cross the Strait of Hormuz were forced back by the Iranian Islamic Revolutionary Guard Corps Navy, with reports of gunfire. One of the vessels was a very large oil tanker flying the Indian flag.

According to the Iranian Tasnim News Agency, Iran has not yet agreed to hold the next round of talks with the United States. (Xinhua News Agency).

Ship tracking data shows that on Saturday, a fleet of oil tankers left the Persian Gulf and passed through the Strait of Hormuz. According to Marine Traffic data, the fleet is composed of four liquefied petroleum gas carriers, several product tankers, and chemical tankers. Additionally, more oil tankers are sailing from the Persian Gulf.

ASCLETIS-B(01672): The stock price is on the verge of breaking previous highs, why is off-exchange capital choosing to adopt a wait-and-see approach?

Since October last year, Hong Kong stock market has experienced a deep correction in the pharmaceutical sector. The main reasons for this correction in the early stage were the cooling market sentiment and BD trading stage lower than expected; while in the later stage, it was due to the systemic decline of the Hong Kong stock market leading to further declines in the sector.

Federal Reserve Governor Waller: The U.S. economy faces a "tricky combination" and may maintain interest rates at the current level for a longer period of time.

Federal Reserve Governor Waller said on Friday that the current economic environment is posing greater challenges to interest rate decisions, and the central bank may need to maintain interest rates unchanged for a longer period of time.

Iranian parliament speaker Kalibaf: US President Trump made seven false claims in one hour. They have not been able to win wars or negotiations with these lies. If the blockade continues, the Strait of Hormuz will no longer remain open. Passage through the Strait of Hormuz will be conducted according to designated routes and authorized by Iran. The decision to keep the strait open or closed, as well as related regulations, will be determined by the actual situation on the ground, not by social media.

Netflix stock fell 11%, marking the biggest drop since April 2022.

The message states that the United States is urging the G20 and others to take coordinated action to ensure the supply of fertilizers.

Two informed sources revealed on Friday that the United States is urging members of the G20 as well as the International Monetary Fund and the World Bank to take coordinated action to ensure the supply of fertilizers. The current conflict in the Middle East has caused disruptions in the food trade supply chain. The sources, speaking on condition of anonymity, said that U.S. Treasury Secretary Scott Benett believes that fertilizers are crucial to the agricultural supply chain and is pushing for cooperation between G20 member countries and global financial institutions. Institutions such as the International Monetary Fund have issued warnings that the supply chain disruptions caused by this conflict, especially the early season fertilizer supply delays, could leave an additional 45 million people in a situation of food insecurity.

OpenAI achieves another major collaboration.

According to sources, OpenAI has agreed to pay over $20 billion to chip startup Cerebras over the next three years to use servers powered by chips produced by the company. Additionally, the agreement may also give OpenAI equity in Cerebras. This development comes as OpenAI is striving to meet growing demands to stay ahead in the artificial intelligence race. Furthermore, OpenAI is also aiming to significantly reduce computing costs and decrease dependence on Nvidia chips through diversified hardware deployment.

TSMC, SMIC, and other semiconductor manufacturers respond to the impact of overseas helium supply shortages.

Recently, helium production in some overseas regions has stalled or been subject to export controls, attracting market attention to the potential impact on semiconductor production. Some semiconductor manufacturers have responded to the tightening of overseas helium supply. In the field of wafer foundry, management of TSMC stated at an earnings conference on April 16th that due to factors such as the Middle East situation, the prices of certain chemicals and gases may rise, which could affect the company's profitability. However, it is currently too early to quantify the impact. When a journalist called the securities department of SMIC as an investor, the staff stated that the company has multiple channels for helium supply and that the current supply is normal. In the area of memory chips, regarding the impact of the Middle East conflict on helium supply, a Samsung Electronics representative told journalists that Samsung has been advancing supply chain diversification and has ensured sufficient inventory, expecting minimal short-term impact. SK Hynix responded to journalists saying they could not comment on current conflict-related matters. A semiconductor industry insider told journalists that the overall raw material supply for the domestic semiconductor manufacturing company is currently stable, attributing it to advance contingency plans for tight helium supply and multiple pathways and alternative supply options for electronic specialty gases. Another industry source mentioned that factories located in regions heavily reliant on imported raw materials may be more affected by fluctuations in helium supply from the Middle East, while efforts have been made in recent years in China to promote domestic production of gases and other semiconductor upstream raw materials.

Alibaba Cloud's domestic short message service prices have increased.

Alibaba Cloud has announced that due to a significant increase in the overall cost of SMS services, there will be price adjustments for domestic SMS service products starting from May 20, 2026, Beijing time. This includes pay-as-you-go domestic SMS and domestic SMS general package.

Northern Rare Earth: Net profit in 2025 was 2.251 billion yuan, a year-on-year increase of 124.17%.

Northern Rare Earth announced that its operating income in 2025 was 42.563 billion yuan, a year-on-year increase of 29.11%. Net profit was 2.251 billion yuan, a year-on-year increase of 124.17%. The company plans to distribute a cash dividend of 0.13 yuan per share to all shareholders based on a total share capital of 3.615 billion shares, totaling 4.7 billion yuan in cash dividends, accounting for 20.88% of the company's net profit for the year.

Ministry of Finance: Adjust the scope of value-added tax and consumption tax refund goods for Pingtan Comprehensive Experimental Zone. Goods sold from the mainland to Pingtan related to production are treated as exports through the "second line", and value-added tax and consumption tax refunds are implemented in accordance with current tax policies.

Investment Association: Fund managers whose fund performance has lagged behind the benchmark by more than 10 percentage points in the past 3 years, and whose fund profit rate is negative, should have their performance-based salary reduced by no less than 30%.

The China Securities Investment Fund Association has revised the "Guidelines for Performance Evaluation and Compensation Management of Fund Management Companies in 2022" to form the "Guidelines for Performance Evaluation Management of Fund Management Companies". The guidelines have been reviewed and approved by the association's board of directors and are now being published. The guidelines point out that fund management companies should establish a tiered performance compensation adjustment mechanism based on the performance benchmark comparison of actively managed equity funds by fund managers in the past three years, as well as the different situations of fund profit margins. If the performance of fund products in the past three years is lower than the performance benchmark by more than ten percentage points and the fund profit margin is negative, the fund manager's performance compensation should decrease significantly compared to the previous year, with a decrease of no less than thirty percent. If the performance is lower than the performance benchmark by more than ten percentage points but the fund profit margin is positive, the fund manager's performance compensation should decrease. If the performance significantly exceeds the performance benchmark and the fund profit margin is positive, the fund manager's performance compensation can be reasonably and moderately increased.

Today, southbound funds saw a significant net buy of 17.01 billion yuan. In terms of the Shanghai-Hong Kong Stock Connect, the Yingfu Fund and China Mobile received net purchases of 1.261 billion Hong Kong dollars and 0.913 billion Hong Kong dollars respectively. The top seller was Cambridge Technology with a net sales amount of 0.12 billion Hong Kong dollars. In terms of the Shenzhen-Hong Kong Stock Connect, the Yingfu Fund and Hang Seng China Enterprises received net purchases of 2.814 billion Hong Kong dollars and 1.289 billion Hong Kong dollars respectively. The top seller was Alibaba-W with a net sales amount of 0.608 billion Hong Kong dollars.

CSRC: Hu Bo controls the use of the Weibo account "Captain Jack Macro Strategy" to fabricate information. Hu Bo has been fined 800,000 yuan and is prohibited from participating in the securities market for 3 years.

According to the relevant provisions of the Securities Law of the People's Republic of China, I have conducted a case investigation into Hu Bo's suspected fabrication and dissemination of false information, and have informed the parties of the facts, reasons, grounds for administrative penalties, and the rights enjoyed by the parties under the law. The parties did not make any statements or defense arguments, nor did they request a hearing. The case has now been investigated and concluded. It has been found that since August 2023, Hu Bo has controlled and used accounts such as "Captain Jack Macro Strategy" and "Captain Jack Macro Strategy Gossip" on Sina Weibo to fabricate and disseminate false or misleading information regarding capital market supervision dynamics and regulatory policies, causing disruption to the securities market. The above illegal facts have been proven by evidence such as questioning transcripts of Hu Bo and other related persons, media platform data, information release device information, and screenshots of WeChat group information. Hu Bo's actions violate Article 56(1) of the Securities Law, constituting the offense of fabrication and dissemination of false information as described in Article 193(1) of the Securities Law. Based on the facts, nature, circumstances, and social harm of the party's illegal activities, in accordance with Article 193(1) of the Securities Law, I have decided to impose a fine of 800,000 yuan on Hu Bo.

CSRC: Strictly crack down on malicious violations such as manipulating the stock market through "fictional writing" by 2025, investigating and handling 19 related cases.

Summary of the enforcement situation of the China Securities Regulatory Commission in 2025. The capital market is highly sensitive to information, and false information disrupts the order of information dissemination, affecting the stable operation of the market. Cracking down on the fabrication and dissemination of false information has always been a key focus of our enforcement. In 2025, the CSRC cracked down severely on malicious violations such as manipulating the stock market through false information, handling 19 related cases. For "internet celebrity" Jin, who manipulated 32 stocks through "grabbing hats", more than 83 million RMB was fined and market access was prohibited. Promptly addressed the illegal actions of a "financial internet celebrity" utilizing AI to create false information about the capital market, self-media account manipulation of listed companies and financial institutions with false information. In 2025, the CSRC continuously optimized the mechanism for discovering and screening clues according to changes in market conditions and the evolution of illegal activities, rigorously investigating and penalizing cases of malicious market manipulation, handling 19 cases of market manipulation for profits exceeding billions of RMB. Yu, who controlled a large number of accounts for consecutive transactions and matched trading, was fined over 1 billion RMB for market manipulation. He, who engaged in "capping the daily limit" type of manipulation, was fined 2.84 billion RMB. Peng, who developed and used programmatic trading tools, was fined 4 billion RMB for market manipulation through continuous transactions, false declarations, and cancellations.

Hang Seng China High Dividend Yield Index announces quarterly review results.

Hang Seng Index Limited announced today the annual index review results of the Hang Seng China High Dividend Yield Index as of March 31, 2026. The changes will take effect from April 27, 2026. The number of constituent stocks will remain at 50. Among them, six companies including China Resources Power, New China Life Insurance, Anta Sports, Wanwu Cloud, Taopu, and Haier Smart Home will be newly added; six companies including Xinyi Glass, Yanzhou Coal Mining, China Hongqiao, China Coal Energy, Chow Tai Fook, and China Life Insurance will be removed.

Report: In the first quarter, the actual sales revenue of the Chinese gaming market was 97.172 billion yuan, an increase of 13.38% year-on-year.

The Game Committee of the China Audiovisual and Digital Publishing Association released the quarterly report on the Chinese game industry for the first quarter of 2026. In the first quarter of 2026, the actual sales revenue of the Chinese game market was 97.172 billion yuan, an increase of 2.54% compared to the previous quarter and an increase of 13.38% compared to the same period last year. In this, the actual sales revenue of the Chinese mobile game market was 67.623 billion yuan, an increase of 0.36% compared to the previous quarter and an increase of 6.28% compared to the same period last year. The actual sales revenue of the Chinese client game market was 24.976 billion yuan, an increase of 11.17% compared to the previous quarter and an increase of 39.38% compared to the same period last year. The actual sales revenue of Chinese independently developed games in the overseas market was 6.331 billion US dollars, an increase of 6.23% compared to the previous quarter and an increase of 31.76% compared to the same period last year.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan, an increase of 104.1 billion yuan from the same time the previous day.

Shipping Index for European Futures continuous main contract rose by 6% during the day to 2118.00 points.

Early morning closing of commodity futures

Combined shipping index for European futures rose by 4.85%, stainless steel rose by 2.34%, nickel rose by 2.06%, platinum fell by 1.94%, and lithium carbonate rose by 1.84%.

National Development and Reform Commission: This year, we will focus on the infrastructure in the field of "artificial intelligence +" and carry out a series of actions to expand effective investment.

The State Council Information Office held a series of thematic press conferences on the morning of April 17th with the theme of "Starting the '14th Five-Year Plan'". Wang Changlin, Deputy Director of the National Development and Reform Commission, stated that this year will focus on areas such as "artificial intelligence + infrastructure, urban renewal, national water network, and new energy system to carry out a series of actions to expand effective investment, promote the optimization of supply structure, and expand market demand. In terms of institutional innovation, we will comprehensively carry out "soft construction" work in central investment projects, promote the formation of long-term mechanisms for project construction, implementation, and operation and maintenance. At the same time, we will also leverage the role of the National Venture Capital Fund to guide and promote social capital to support technological innovation and the development of emerging industries.

Guangdong: "Opinions on Supporting Zhongshan to Participate in the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area to Accelerate High-Quality Development" officially released.

The official WeChat account of the Guangdong Provincial People's Government announced today that the "Opinions of the CPC Guangdong Provincial Committee and Guangdong Provincial People's Government on Supporting Zhongshan in Accelerating High-Quality Development in Participating in the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area has been officially released. It mentions accelerating the construction of the strategic pivot for integrated development on both sides of the Pearl River Estuary. Deepening the development of the Shenzhen-Zhongshan integration. Advancing the integration of the east and west banks of the Pearl River Estuary with high standards, actively promoting integrated planning, business environment, industry, transportation, innovation, public services, and social governance. Supporting the two cities of Shenzhen and Zhongshan to strengthen overall planning, deepening the mechanism for cross-city land and spatial planning consultation. Speeding up the construction of the Shenzhen-Jiangmen Railway, supporting the planning and research of the Shenzhen-Zhongshan intercity railway. Promoting the quality and efficiency enhancement of the "Shenzhen-Zhongshan Port", accelerating the layout of cross-Pearl River Estuary low-altitude air routes. Planning and constructing the Shenzhen-Zhongshan Economic Cooperation Zone, establishing a cooperation model of "Shenzhen headquarters + Zhongshan base", "Shenzhen chain leader + Zhongshan supporting", and "Shenzhen research and development + Zhongshan transformation", exploring a high-quality development path of regional industrial cooperation.

A-share opening express | A-share differentiation, Growth Enterprise Board continues to rise! Style switch in progress, "new king" and "old god" competing

On April 17, the three major A-share indexes opened with mixed gains and losses, with the ChiNext Index continuing its upward trend. The market style is changing, with a showdown between the "new king" and the "old god."

The Growth Enterprise Market Index rose by 1.00%, currently at 3662.708 points; the Shanghai Composite Index fell by 0.16%, currently at 4049.067 points; the Shenzhen Component Index rose by 0.44%, currently at 14861.816 points.

The stock market has already ignored the war! From "TACO trading" to the AI investment frenzy, is a new bull market unfolding?

Under the strong leadership of technology stocks, the S&P 500 index and the Nasdaq reached new highs again. The Nasdaq 100 index, which covers the world's top technology companies and is known as the "barometer of technology stocks," has risen for 12 consecutive trading days.

"Animal spirits" have returned in a more aggressive stance: retail investors are ignoring the Middle East's gunpowder and are sweeping the US stock market with their strongest offensive of 2020.

The Iran conflict once caused oil prices to skyrocket to record levels and triggered intense fluctuations in global financial assets. However, for investors, all of this seems like a distant memory - even though the war has not completely subsided.

Pre-market report of A-shares | First quarter performance skyrockets! Technology stock batch reported good news, 90 billion computing power leader exploded.

On the evening of April 16, technology stocks received a series of positive news, with first-quarter performances exploding collectively.

Aluminum prices rise but fail to conceal decline. Alcoa Corporation's (AA.US) Q1 revenue and profits both fall below expectations, maintaining annual production forecast.

In the first quarter, the revenue of American Aluminum Industry was $3.19 billion, a decrease of 5.3% year-on-year, which was $80 million lower than expected. Adjusted earnings per share were $1.40, lower than the expected $1.55.

WTI crude oil surpasses $94 per barrel, dropping 1.71% intraday.

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2 m ago

Kevin Wash, the nominee for the new Chairman of the Federal Reserve, believes that the upcoming increase in productivity may give the Federal Reserve room to lower interest rates, provided that higher productivity can achieve low inflation economic growth. However, economist Ed Yardeni also predicts that the economy will benefit from technological progress over the next decade, but he disagrees that this outcome would prove that lowering interest rates is reasonable. Yardeni wrote: "While we share Wash's optimistic view of productivity, we have fundamentally different views on what this result means for monetary policy." Yardeni believes that faster growth will raise the natural interest rate, or R* value, which will neither stimulate nor suppress the economy. He wrote: "If the Federal Reserve lowers the federal funds rate below R*, the risk is that this will encourage financial speculation and instability."

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Brazilian President Lula: I have informed Ramaphosa that he should attend the G20 summit.

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To Shang Technology: In 2025, the operating income is 998 million yuan, excluding the project ratio of 9.08%.

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OTC: Announcement on the implementation of delisting risk warning for stock trading and suspension of stocks, the stock abbreviation has been changed to "*ST Texun"

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Brazilian President Lula: We are willing to discuss alternative energy solutions with Germany.

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