Macro News
1. The Central Peripheral Work Conference was held in Beijing from April 8 to 9. Xi Jinping, General Secretary of the CPC Central Committee, President of the State, and Chairman of the Central Military Commission, attended the meeting and delivered an important speech. The meeting emphasized the need to build a community with a shared future with neighboring countries, consolidate strategic mutual trust, support regional countries in stabilizing their own development paths, and properly manage contradictions and differences; deepen development integration, build a high-level interconnected network, and strengthen cooperation in the industry chain and supply chain.
2. The State Council Information Office released a white paper titled "China's Position on Several Issues in China-US Economic and Trade Relations" on April 9, clarifying the facts of China-US economic and trade relations and expounding China's policy stance on related issues. The white paper is divided into six parts, in addition to the preface and conclusion: the essence of China-US economic and trade relations is mutual benefit and win-win; China has earnestly implemented the first phase of the China-US economic and trade agreement; the US has violated the obligations of the first phase of the China-US economic and trade agreement; China practices the concept of free trade and earnestly abides by WTO rules; unilateralism and protectionism harm the development of bilateral economic and trade relations; China and the US can resolve economic and trade differences through equal dialogue and mutually beneficial cooperation.
3. The Customs Tariff Commission of the State Council issued an announcement yesterday, stating that from 12:01 on April 10, the additional tariff rate on all imports originating from the US will be increased from 34% to 84%.
4. Li Qiang, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, presided over a symposium with economic experts and entrepreneurs on the afternoon of April 9. Li Qiang emphasized the need to implement more proactive and effective macro policies, push forward with the implementation of established policies as soon as possible, and introduce new incremental policies in a timely manner according to the situation, to effectively respond to the uncertainty of the external environment with powerful and effective policies.
5. EU member states voted on April 9 to pass the first round of countermeasures against US tariffs, imposing tariffs of up to 25% on a range of US products. This round of countermeasures mainly targets US steel and aluminum tariffs.
6. The Ministry of Commerce issued an announcement yesterday, adding 12 US entities to the export control list. The 12 US entities have engaged in activities that may endanger China's national security and interests, and the export of dual-use items to them is prohibited. The Ministry of Commerce also added six US companies, including Shield AI, to the unreliable entity list. The Ministry of Commerce stated that China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that endanger China's national security in accordance with the law, and that foreign entities that are honest and law-abiding have no need to worry.
7. A relevant official from the Ministry of Commerce answered reporters' questions on the white paper "China's Position on Several Issues in China-US Economic and Trade Relations". The Ministry of Commerce stated that if the US insists on further escalating economic and trade restrictions, China will accompany it to the end; China is willing to communicate with the US on important issues in the economic and trade field between the two countries and resolve their respective concerns through equal dialogue and consultation.
8. Foreign Ministry Spokesperson Lin Jian presided over a regular press conference yesterday. A reporter asked about the US imposing a 104% tariff on China. Lin Jian said that China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests. A reporter asked how China would respond to the latest US tariffs on China. Lin Jian said that if the US really wants to resolve the issue through dialogue and negotiation, it should adopt an attitude of equality, respect, and mutual benefit. If the US insists on waging a tariff war and trade war, China will accompany it to the end.
Industry News
1. The Ministry of Commerce responded to the US issuance of an administrative order to delay TikTok, stating that the Chinese government has always respected and protected the legitimate rights and interests of enterprises, created a first-class business environment that is market-oriented, law-based, and internationalized, and opposed practices that ignore the laws of the market economy, forcibly seize, and harm the legitimate rights and interests of enterprises.
2. Recently, the Beijing State-owned Assets Supervision and Administration Commission held a symposium with listed companies controlled by municipal enterprises. The meeting pointed out that it supports high-quality listed companies in implementing industry chain integration and supports the further concentration of high-quality resources of municipal state-owned enterprises to controlled listed companies. The meeting required that state-owned shareholders increase their holdings of stocks in accordance with market principles and laws and regulations in a timely manner, and that listed companies with the conditions plan to implement stock repurchases to effectively maintain the market value of listed companies.
3. The Guangdong Transportation Industry Computing Power Center was inaugurated in Shaoguan City on April 9, marking a key progress in the construction of the digital foundation of the Guangdong transportation industry. The center is built according to the national A-level computer room standard, with 638 standard cabinets planned to be deployed, and 324 cabinets completed in the first phase.
4. On April 9, Shenzhen real estate agency Leyoujia, in cooperation with a new housing project Wealth City, launched the "trade-in" 3.0 version. It is understood that this event supports the participation of customers from different places, without restricting the city where the "old house" is located. At the same time, a "sell old" subsidy was also provided.
5. The China National Coal Association released the "2024 Annual Report on the Development of the Coal Industry". The report shows that the national raw coal production in 2024 reached 4.78 billion mt, up 1.2% YoY; coal imports were 543 million mt, up 14.4% YoY. The report analyzes that the supply and demand of the coal market this year will remain relatively balanced and shift to a looser state.
6. The official WeChat official account of the Organization Department of the Zhejiang Provincial Committee, "Zhejiang Zuzhi", released a post previewing the latest session of the artificial intelligence special training course. According to the preview, the course will start on the evening of the 10th, and Xingxing Wang, founder, CEO, and CTO of Unitree Technology, will share "The Current Situation and Development Trends of the Robotics Industry". Before Wang Xingxing, the heads or relevant responsible persons of the "Hangzhou Six Dragons" have been invited to give special lectures to Zhejiang cadres.
7. Recently, due to the deterioration of China-US economic and trade relations and the domestic security situation in the US, the Ministry of Culture and Tourism reminded Chinese tourists to fully assess the risks of traveling to the US and to be cautious about heading to the US.
8. The Ministry of Commerce, the National Health Commission, and 12 other departments issued the "Special Action Plan to Promote Healthy Consumption". It mentioned vigorously developing the sports tourism industry and continuously increasing the supply of high-quality sports consumption. Accelerate the promotion and application of smart therapy technology and promote qualified artificial intelligence products to enter clinical trials.
9. The US state of Ohio passed a higher education bill, which includes negative clauses related to China, imposing restrictions on educational exchanges and cooperation between Chinese and US universities. The Ministry of Education reminded the majority of students studying abroad to make a safety risk assessment when choosing to study in relevant US states recently and to enhance their awareness of prevention.
Company News
1. Midea Group announced that it repurchased 1.7203 million shares for the first time, involving 120 million yuan.
2. It was learned from China Huadian Corporation that the listed companies controlled by China Huadian will adhere to the establishment of a normalized stock repurchase and increase mechanism and promote the merger and reorganization of Huadian International.
3. Ganfeng Lithium announced that it plans to authorize the board of directors to repurchase the company's A-shares and H-shares.
4. Guotai Junan announced that it plans to repurchase 1 billion to 2 billion yuan of the company's A-shares.
5. China Galaxy announced that its Q1 net profit is expected to increase by 70%-90% YoY.
6. Zhongtian Technology announced that its controlling subsidiary won multiple domestic and overseas marine energy projects, with a total winning bid of 2.499 billion yuan.
7. Quectel announced that its Q1 net profit is expected to increase by about 265% YoY.
8. NationalChip announced that the new ultra-high-performance cloud security chip product based on RISC-V architecture multi-core CPU R&D has successfully passed internal testing.
9. Yankuang Energy announced that its controlling shareholder, Shandong Energy, promised not to actively reduce its holdings of the company's shares within 12 months and will increase its holdings at an opportune time to maintain stable market value.
10. Dongshan Precision announced that it plans to use self-raised funds to repurchase 100 million to 200 million yuan of the company's shares for employee stock ownership plans or equity incentives.
11. Rongsheng Petrochemical announced that its controlling shareholder plans to increase its holdings of the company's shares by 1 billion to 2 billion yuan.
12. Nuotai Biotech announced that it has reached a strategic cooperation with Middle Eastern pharmaceutical company Julphar to supply semaglutide API.
13. Goertek announced that the chairman proposed to repurchase 500 million to 1 billion yuan of the company's shares.
14. Sichuan Changhong announced that the chairman proposed to repurchase 250 million to 500 million yuan of shares.
15. Zhongtai Securities announced that the chairman proposed to repurchase 300 million to 500 million yuan of the company's A-shares.
16. Shandong Hi-Speed announced that the chairman proposed to repurchase 200 million to 300 million yuan of the company's shares to reduce registered capital.
17. Weichai Power announced that the chairman proposed to repurchase 500 million to 1 billion yuan of the company's shares and cancel them.
18. Xunjiexing announced that it plans to acquire 100% equity of Shenzhen Jiazhi Hong Electronics Co., Ltd., and the stock will resume trading today.
19. Shandong Gold announced that its controlling shareholder and its concerted parties plan to increase their holdings of the company's shares by 500 million to 1 billion yuan.
20. Star-net Ruijie announced that its Q1 net profit is expected to increase by 212%-298% YoY.
21. Focus Media announced that it plans to acquire 100% equity of Xinchao Media, with a pre-estimated value of 8.3 billion yuan.
22. CSSC Offshore & Marine Engineering announced that it received new orders of 12.502 billion yuan in Q1, completing 71.64% of the annual plan.
Global Markets
1. US President Trump said that he has authorized a 90-day tariff suspension for countries that do not take retaliatory actions.
2. The three major US stock indices closed sharply higher, with the Nasdaq up 12.16%, the largest single-day percentage gain since January 3, 2001, and the second-largest record gain; the S&P 500 up 9.52%, the largest single-day percentage gain since October 28, 2008; and the Dow up 7.87%. Large technology stocks rose sharply, with Tesla up more than 22%, Nvidia up more than 18%, and Apple up more than 15%. International oil prices rose sharply, with US oil and Brent crude futures settlement prices up more than 4%. International gold prices rose, with spot gold once breaking through $3,095, up 3.75%, the largest intraday gain since 2020.
Investment Opportunity Reference
1. The Shanghai State-owned Assets Supervision and Administration Commission issued opinions on the market value management of state-owned enterprises, and institutions said that it will deepen the revaluation of state-owned assets
According to media reports, the Shanghai State-owned Assets Supervision and Administration Commission issued several opinions on strengthening the market value management of state-controlled listed companies in our city. The "Opinions" support regulatory enterprises and listed companies in using various market value management policies and tools from six aspects: mergers and acquisitions, stock repurchase and increase, investor returns, incentive and restraint mechanisms, information disclosure, and investor relations management. Subsequently, the State-owned Assets Supervision and Administration Commission will focus on the implementation of the "Opinions", guide regulatory enterprises and listed companies in using market value management tools, actively respond to market concerns, protect investor interests, and promote the landing of a number of representative projects with market-oriented and law-based principles, demonstrating the exemplary and leading role of Shanghai's state-owned assets and enterprises.
Market value management will deepen the revaluation of state-owned assets and help related main businesses to further grow and strengthen. CICC said that considering the important position of central and state-owned enterprises in the national economy and capital markets, in the context of deepening state-owned enterprise reform and capital market reform, the relevant systems around the market value management of central and state-owned enterprises are expected to continue to improve, and the motivation of central and state-owned enterprises to practice market value management is also expected to continue to strengthen. It is recommended to pay attention to the allocation value of the theme of market value management of central and state-owned enterprises.
2. The Ministry of Industry and Information Technology issued a document to coordinate the promotion of the formulation of standards for emerging industries, and institutions said that the industry is in a period of rapid development
According to media reports, the Ministry of Industry and Information Technology issued a notice on the key points of industrial and information technology standardization work in 2025. The notice proposed to continuously improve the standard system construction of emerging industries and prospectively lay out future industry standard research. Improve the fifth-generation mobile communication (5G) standard system and promote the formulation of intelligent terminal standards such as 5G lightweight, 5G millimeter wave, and Tiantong satellite functions.Optimize and improve standards for new-generation information technologies such as cloud computing, big data, blockchain, and BeiDou navigation, coordinate the formulation of standards for basic general, key technologies, product services, industry applications, and security governance of new-generation information technologies, and help break through a batch of new-generation information technology application products for integrated applications. Jianghai Securities stated that currently, the global low-orbit satellite internet has formed a competitive landscape of "one superpower and multiple strong players." Driven by national policies, technological advancements, and market demand, the satellite internet industry is in a period of rapid development, with broad prospects for future growth, and continues to be optimistic about investment opportunities in this industry. In Q1, the import and export cargo volume of the China-Europe Railway Express increased by 4% YoY. In Q1 of this year, the import and export cargo volume of the Zhejiang China-Europe Railway Express reached 63,000 TEUs, up 4% YoY. Currently, the Zhejiang China-Europe Railway Express has opened 25 operating routes, covering more than 160 cities in over 50 countries and regions. In recent years, the advantages of the China-Europe Railway Express, such as convenience, speed, safety, stability, and green and low-carbon, have been continuously consolidated, making it a widely popular international public product, with the number of trains maintaining a strong growth trend. Data from the China State Railway Group shows that in 2024, the China-Europe Railway Express operated 19,392 trains, up 10.7% YoY, and carried 2,077,216 TEUs, up 9.2% YoY. By November 2024, the cumulative number of trains operated by the China-Europe Railway Express had exceeded 100,000. Against the backdrop of the Trump administration's announcement in April to impose "reciprocal tariffs" globally, China and the EU face common trade pressures, and the necessity of cooperation between the two sides has significantly increased. Data from Eurostat shows that China and the EU are important trading partners, with bilateral trade exceeding 730 billion euros in 2024, supporting employment for about 3 million people in the EU and 6 million people in China. Former WTO Director-General Lamy pointed out that China and the EU should work together to revise and improve the rules. The State-owned Assets Supervision and Administration Commission of the State Council stated on the 8th that it will fully support and promote central state-owned enterprises and their publicly listed firms to take proactive actions, continuously increase the intensity of share buybacks and repurchases, effectively safeguard the rights and interests of all shareholders, continuously consolidate market confidence in listed companies, strive to enhance company value, and fully demonstrate the responsibility and commitment of central state-owned enterprises. On the same day, China Electronics Corporation announced that, based on confidence in the long-term positive outlook of the Chinese economy and firm optimism about the prospects of the capital market, it will promote the strengthening of market value management and high-quality development of its listed companies through measures such as repurchases, share buybacks, and technology mergers and acquisitions. Currently, China Electronics Corporation has formed an industrial layout covering the entire chain, including chip design (Phytium), operating systems (Kylin), and network security (Qi An Xin). The technology team of Zhongtai Securities pointed out that as a state-owned key enterprise directly managed by the central government and focused on the network information industry, China Electronics Corporation has actively promoted mixed-ownership reform in recent years, especially in key core assets, and the company possesses rich industrial resources and strong R&D capabilities, with a large number of high-quality core technology assets and targets. Under the background of encouraging listed companies to inject high-quality technology assets and deepening state-owned enterprise reform, it is expected to play a leading role.
