GMT EIGHT - OPPORTUNITIES IN CHINA

The net inflow of funds from the south today was 4.89 billion yuan. In terms of Shanghai-Hong Kong Stock Connect, CNOOC and Pinduoduo received net inflows of 355 million Hong Kong dollars and 331 million Hong Kong dollars respectively; Changfei Optic Fiber Cable had the highest net outflow amount of 491 million Hong Kong dollars; In terms of Shenzhen-Hong Kong Stock Connect, SMIC and Geely Auto received net inflows of 333 million Hong Kong dollars and 332 million Hong Kong dollars respectively; Alibaba-W had the highest net outflow amount of 1.008 billion Hong Kong dollars.

Brent crude rose by 1% during the day and is now at 99.49 US dollars per barrel.

The trading volume of Shanghai and Shenzhen stock markets exceeds 2.5 trillion yuan, an increase of 136.2 billion yuan compared to the same time the previous day.

During the exploration phase, mining company Silver Bow Mining (SBMT.US) has revised its terms for the US IPO and plans to raise $50 million.

Mining company Silver Bow Mining, still in the exploration phase, revised the terms of its upcoming initial public offering (IPO) on Tuesday, planning to raise $50 million by issuing 4.3 million shares.

Ophthalmology biotechnology company Tarsier Pharma (TARX.US) applies to go public in the United States, aiming to raise $35 million.

Tarsier Pharma, a biotechnology company focusing on ophthalmic diseases, submitted a filing to the U.S. Securities and Exchange Commission (SEC) on Tuesday, planning to raise up to $35 million through an initial public offering (IPO).

Xinhua Commentary: The signal of stabilization is strengthening, further consolidating the foundation for the high-quality development of the real estate sector.

The warmth of the property market in "gold three silver four" is beginning to show, and the market's expectations are undergoing positive changes. A series of signals indicate that the real estate market, led by first-tier and hot second-tier cities, is stabilizing and gaining strength, with industry confidence entering a continuous recovery channel. This is not simply a rebound, but a momentum of bottoming out and warming up after a deep adjustment in the real estate market. From adjusting and optimizing the housing provident fund policy to the normalization of the coordination mechanism for urban real estate financing, from the exchange of old houses for new ones to the increase in efforts to acquire existing commercial housing for use as affordable housing, the more precise and powerful policy measures implemented this year have laid a solid foundation for the high-quality development of the real estate industry. The stable and healthy development of the real estate market is related to economic operation and social welfare. Against the background of the continuous promotion of new urbanization, optimization and adjustment of existing stock, achieving a higher level of "having a place to live," is a requirement for the sustainable development of the economy and society. Looking ahead to the goals of the "14th Five-Year Plan," accelerating the transformation with more precise and powerful measures, balancing short-term market stability with long-term sound mechanisms, can truly promote high-quality development of the real estate industry.

Li Ning (02331): In the first quarter, Li Ning's sales points achieved a double-digit growth in retail sales turnover on the entire platform year-on-year.

Li-Ning (02331) announced that as of the first quarter ending March 31, 2026, retail sales of Li-Ning outlets (excluding Li-Ning YOUNG) on the entire platform achieved mid-single-digit growth year-on-year. In terms of channels, offline channels (including retail and wholesale) achieved mid-single-digit growth, with retail (direct operation) channels achieving growth in the range of 10%-20%, while wholesale (franchise dealers) channels achieved low single-digit growth; e-commerce virtual store business achieved high single-digit growth.

Hybrid demand resurgence impacts pure electric sales! Tesla, Inc. (TSLA.US) loses ground in California headquarters, Q1 registrations plummet by 24%

As more and more consumers turn to hybrid electric vehicles, Tesla's registration volume in California, its headquarters and a long-time leader in electric vehicle penetration in the United States, has seen a significant decline.

"Hardware veterans" and "chip czar" simultaneously promoted, Apple Inc. (AAPL.US) reveals its trump card in the AI competition: SoC.

Apple promotes chip leader Johnny Srouji, signaling that Apple will accelerate the self-development of chips for all devices.

Chairman of the China Securities Regulatory Commission Wu Qing: Increase efforts to support the deep integration of Beijing's technological innovation and industrial innovation, and promote the reform of the Science and Technology Innovation Board, the Growth Enterprise Market and other reforms to take effect in Beijing.

According to the Beijing News, on the morning of April 21st, the Beijing Municipal Party Secretary Yin Li conducted research on "thoroughly implementing the spirit of General Secretary Xi Jinping's important speech during his inspection of Beijing, solidly promoting the good start of the capital's financial opening during the '14th Five-Year Plan' period", and attended a financial work symposium. Li Yunze, the Director of the China Banking and Insurance Regulatory Commission, and Wu Qing, the Chairman of the China Securities Regulatory Commission, along with Vice Secretary and Mayor Yin Yong of the Municipal Party Committee, also attended. Wu Qing pointed out that the China Securities Regulatory Commission will resolutely implement the deployment of the Central Committee and the State Council, based on the needs of the capital's economic and social development, further strengthen the role of the capital market, and help the capital to start the '15th Five-Year Plan' well. They will intensify support for the deep integration of Beijing's technological innovation and industrial innovation, promote the implementation of reforms such as the Science and Technology Innovation Board and the Growth Enterprise Market in Beijing. They will strive to effectively operate the Beijing Stock Exchange, and better build it as a base to serve innovative small and medium-sized enterprises. They will enrich investment and financing tools and products, support Beijing companies in accelerating their optimization and strengthening through mergers and acquisitions, debt issuance, public offering REITs, and other means. They will support more capital market service institutions in expanding their businesses in Beijing, and promote the trial implementation of more open capital market policies in Beijing. They will deepen collaborative cooperation, jointly prevent and resolve risks in key areas, and continuously strengthen the defense network for the financial security of the capital.

Japanese and Korean stock markets opened.

The Nikkei 225 index opened at 59104.11 points in the morning, down 0.41%. The South Korea composite stock price index opened relatively flat at 6387.57.

"Trump extends ceasefire fails to conceal negotiation deadlock, gold stabilizes after the largest two-week drop."

The price of gold has experienced its biggest drop in over two weeks, following President Trump's announcement to extend the ceasefire with Iran. Diplomatic talks between the two countries have been canceled.

SpaceX is stepping up its AI programming track: plans to acquire Cursor for $60 billion or pay $10 billion for collaboration.

SpaceX will acquire the artificial intelligence programming startup Cursor for $600 billion later this year, or pay $100 billion for cooperation between the two parties.

Vanguard Group increases its holdings in US Treasury Bonds against the trend: A yield of over 4.25% is considered a "golden opportunity", betting on the Fed cutting interest rates this year.

After the Iran conflict pushed up yields, the Vanguard Group bought a large amount of US Treasury bonds.

ASMPT (00522) announced its first-quarter performance, with a profit of approximately 324 million Hong Kong dollars from continuing operations, a 70.8% decrease from the previous quarter and a 192.9% increase year-on-year.

ASMPT (00522) announced its performance for the first quarter of 2026, with revenue from continuing operations at HK$3.97 billion (US$5.08 billion), exceeding the median sales forecast. Sales increased by 0.2% from the previous quarter and by 32.0% year-on-year.

WTI crude oil broke through $91 per barrel, rising 0.45% intraday.

Trump announced an extension of the ceasefire with Iran International oil prices surge and then fall, with Brent oil dropping below $100.

The President of the United States, Donald Trump, stated on social media that the United States will extend the ceasefire arrangement with Iran until Iran and Pakistan come up with a "unified solution" and complete the relevant negotiations.

SpaceX cautioned in its IPO filing: Space AI project technology has not been verified, and commercial prospects are uncertain.

According to a company document, SpaceX has warned investors that its ambitions to build a space artificial intelligence data center and establish human settlements on the moon and Mars rely on unproven technologies and may not be commercially viable. The business risks listed in this document, submitted before SpaceX's initial public offering, have not been previously reported. As the company prepares for what could be the largest IPO in history, this document provides a more cautious evaluation of its future than the vision recently portrayed by billionaire CEO Elon Musk in the past few weeks. US securities law requires that prospectuses include risk factors to inform investors of potential risks and protect the company from future legal liability. "Our initiatives to develop orbital AI computing and industrialization projects in orbit, on the moon, and beyond are in the early stages, involving significant technical complexity and unproven technologies, and may not be commercially viable," SpaceX said in a section of the S-1 document excerpt seen by Reuters. The document notes that any future AI orbital data center will operate in a "harsh and unpredictable space environment, facing a variety of unique space-related risks that could lead to failures or malfunctions".

Cook appears at Apple employee meeting, attempting to calm speculation about the reasons for the former CEO's resignation.

Tim Cook, who will step down as CEO of Apple later this year, told employees that he is "healthy" and plans to serve as executive chairman for the long term. Cook made the remarks at a meeting with all employees. Prior to this, Apple announced that the CEO position would be transferred to hardware chief John Ternus on September 1. The two executives held this meeting at the Steve Jobs Theater at Apple's headquarters in Cupertino, California, discussing topics such as artificial intelligence, product plans, and design. "I am excited to continue to serve at Apple in the role of executive chairman," said the 65-year-old Cook. "I am healthy and energetic, and I plan to serve in the new position for the long term."

Spot gold fell below $4770 per ounce, down 1.08% on the day.

Middle East conflict impacts overall situation unaffected, Halliburton (HAL.US) delivers better-than-expected results thanks to Latin America and Europe.

Halliburton's first-quarter report released on Tuesday showed that despite the impact of conflicts in the Middle East on some of its businesses, strong demand in Latin America and European markets helped its overall profits exceed market expectations.

Muyuan Foods (02714) recorded a net loss of 1.215 billion yuan in the first quarter.

Muyuan Group (02714) announced that in the first quarter of 2026, its operating income was 29.894 billion yuan, a year-on-year decrease of 17.10%; net loss attributable to the company's shareholders was 1.215 billion yuan, compared to a profit of 4.491 billion yuan in the same period last year; basic loss per share was 0.22 yuan.

Fuyao Glass Industry Group (03606) net profit attributable to parent in the first quarter was 1.7115 billion yuan, a year-on-year decrease of 15.68%.

Fuyao Glass (03606) announced that in the first quarter of 2026, its operating income was 10.413 billion yuan, a year-on-year increase of 5.08%; net profit attributable to shareholders of the listed company was 1.7115 billion yuan, a year-on-year decrease of 15.68%; basic earnings per share were 0.66 yuan.

China United Network Communications (00762) recorded a first-quarter profit attributable to shareholders of 4.885 billion yuan, a year-on-year decrease of 17.6%.

China Unicom (00762) released the financial and operating indicators for the first quarter of 2026, with operating revenue reaching 102.8 billion yuan (same below), a year-on-year decrease of 0.5%; pre-tax profit of 6.114 billion yuan, a year-on-year decrease of 19.54%; net profit attributable to equity holders of the company 4.885 billion yuan, a year-on-year decrease of 17.6%.

Top institutions such as TOK, and GOMVO unanimously warn that oil prices do not yet reflect the most serious supply interruption in history, and the impact of the Strait of Hormuz may be severely underestimated.

Multiple top market analysts have stated that the conflict in Iran has effectively blocked the Strait of Hormuz, causing the most serious interruption of oil supply in history, yet current oil prices do not fully reflect this impact.

Omdia: India's smartphone shipments in the first quarter of 2026 fell by 5% year-on-year to 30.9 million units.

In the first quarter of 2026, due to the soft seasonal demand and the cautious channel inventory strategy, the shipment volume of smartphones in India decreased by 5% year-on-year to 30.9 million units.

Middle East warfare cannot suppress the narrative of the "AI bull market"! GPUs no longer dominate computing power, and the wave of intelligent agents is igniting the CPU and storage.

The narrative of AI computing power investment is shifting from "competition focused on AI GPU/ASIC computing power" to "AI intelligent agent-driven artificial intelligence full-stack system". In this shift of AI narrative, CPU and storage chips may be the biggest winners.

International oil prices surged straight up, WTI crude oil futures turned higher, erasing the previous 2% decline.

International oil prices rose sharply, with WTI crude futures rebounding and erasing the previous 2% decline.

Philip Morris International Inc. (PM.US) financial report eve: Goldman Sachs Group, Inc. supports $205 target price, optimistic about the valuation restructuring of smokeless transformation.

Goldman Sachs once again reiterated its "buy" rating on Philip Morris International's stock on the eve of the release of its first quarter financial report for the 2026 fiscal year.

New Stock News | Alibaba, GIC, BlackRock and other luxury cornerstone investors support Sunrise Intelligent Technology's (01879) IPO oversubscribed by over 704 times.

Global AI silicon chip leader, photon-mixed computing unicorn Xizhi Technology (01879), sparked market enthusiasm on the first day of its IPO.

Unexpected changes occur on the eve of the nomination hearing: Republican senators switch sides, Powell's appointment as Fed chair is blocked, and Powell may be forced to stay in office.

As it stands, Powell's confirmation for the Fed chairmanship is actually being blocked. This unprecedented situation, ironically, suggests that Trump's persistent attacks on Powell may actually prolong his time as Fed chairman.

The Ministry of Industry and Information Technology responds to the rise in memory prices and will take multiple measures to ensure the stability of the industry and supply chain.

On April 21, the State Council Information Office held a press conference to introduce the development of the industrial and information sectors in the first quarter of 2026. Xie Cun, the spokesperson of the Ministry of Industry and Information Technology and director of the Information and Communications Development Department, stated that the recent increase in memory prices has led to adjustments in the prices of mobile terminal products, which has attracted widespread attention from various sectors. In response to this issue, the Ministry of Industry and Information Technology will take multiple measures to support the development of the memory industry and ensure the stability of the industrial supply chain. On one hand, they will enhance supply capabilities, promote supply-demand integration, encourage domestic and foreign enterprises to increase investment, increase output capabilities, support interaction and collaboration between terminal enterprises and memory enterprises, and expand diversified supply channels. On the other hand, they will maintain market order through various means, guide memory enterprises to strengthen channel management, and cooperate with relevant departments to lawfully crack down on market disruptions.

Citibank: If the blockade in the Strait of Hormuz continues for another month, oil prices will rise to $110.

Citigroup Group stated that if the maritime traffic in the Strait of Hormuz continues to be blocked for another month, oil prices could rise to $110 per barrel.

The Apple Hardware team will focus on five major business segments.

After the hardware engineering and hardware technology departments at Apple were newly integrated, the newly appointed head announced to employees on Monday that the department will be divided into five core business areas. At the same time that John Turner was promoted to CEO of Apple, Jonny Srouji was appointed as chief hardware officer. In an internal email to all Apple employees, he revealed the above organizational adjustments, with the team being split into five divisions: hardware engineering, chip research and development, cutting-edge technology, platform architecture, and project management. This organizational adjustment aims to streamline the department's structure. The hardware system will subsequently add thousands of employees and will be fully responsible for engineering and research and development work on products such as the iPhone, iPad, Apple Watch, and other Apple products. Under Srouji's leadership, Tom Mariboe, who previously worked at Intel and joined Apple in 2019, will take over the hardware engineering department, where he was previously responsible for product quality and hardware reliability-related work; the chip team will be led by senior executive Sri Santhanam; platform architecture will be led by Tim Millet; cutting-edge technology will be led by Zongjian Chen; and Donny Nordhues will be responsible for project management. Srouji also mentioned in the email the succession of Turner to CEO and Tim Cook stepping down, stating that the successor chosen by Cook is the best candidate. He said, "Everyone who has worked with John knows that he is thorough in his thinking and has outstanding capability."

The US and Iran may hold a new round of negotiations in Pakistan, causing a drop in WTI crude oil prices.

There are indications that Iran will hold negotiations with the United States in Islamabad before the expiration of the ceasefire agreement, causing the WTI crude oil prices to fall.

China HK Power (00931) signs oil and gas strategic cooperation agreement with Al-Qimmah. Resumption of trading on April 21.

China Harbour Energy (00931) announced that the company has entered into a cooperation agreement with Al-Qimmah on April 19, 2026. According to the cooperation agreement, both parties will establish a long-term strategic cooperation relationship in the areas of capital cooperation and oil and gas trade, jointly promoting the company's international energy business development. The company has applied to the Hong Kong Stock Exchange to resume the trading of its shares starting from 9:00 AM on April 21, 2026 (Tuesday).

Smartmi Technology-W (06810) will be offering 42.6268 million H shares globally from April 21st to April 24th.

Shangmi Technology-W (06810) will be listed from April 21 to April 24, 2026. The company plans to globally issue 42.628 million H shares, with 10% of the shares being publicly sold in Hong Kong and 90% in international markets. The offer price will be HK$24.86 per share, with a trading unit of 100 H shares per lot. It is expected that trading of H shares will begin on the Hong Kong Stock Exchange at 9:00 am on April 29, 2026 (Wednesday).

Kimi 2.6 officially released in the late night.

The dark side of the moon has officially launched and open-sourced the new model Kimi K2.6. According to the official benchmark, the code's ability matches or exceeds that of GPT 5.4 and Opus 4.6.

Goldman Sachs Group, Inc.: Micron Technology, Inc. (MU.US) contributes to over half of the profits of the S&P 500, leading to a reassessment of expectations driven by AI and energy.

Against the backdrop of the conflict between the US and Iran causing changes in the global industrial and energy landscape, there is a significant differentiation in US stock profit expectations.

Apple Inc. announces a change in leadership! Turner takes over as CEO, while Cook transitions to executive chairman.

After the news was announced, Apple's stock price fell by about 0.8% in after-hours trading.

Apple Inc. appoints John Ternus as the next chief executive officer.

On April 20th, local time, Apple announced the appointment of John Ternus, an internal executive who has been responsible for hardware operations for a long time, as the next CEO of the company, succeeding Tim Cook, who has been in charge of the company since 2011. Apple stated that Cook will transition to the role of executive chairman.

Amazon will add an additional $5 billion investment to Anthropic.

Amazon will add an additional $5 billion investment to Anthropic and plans to gradually increase its investment scale to as much as $20 billion over time. Anthropic develops the Claude chatbot and programming tools, with plans to invest over $100 billion in Amazon's cloud technology and chips in the next decade.

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.

Latest

1 m ago

Indian central bank official: The ability of monetary policy to directly impact supply-driven inflation shocks is limited.

2 m ago

International Nickel Study Group: Therefore, the implied market surplus in 2025 is 283,000 tons, and the implied market deficit in 2026 is 32,000 tons.

2 m ago

Anyang Iron and Steel: The net profit loss is 497 million yuan in 2025.

2 m ago

Indian central bank official: Inflation risks increase due to escalation of conflicts.

3 m ago

Boeing: The total backlog of orders for the first quarter increased to $695 billion. It is expected that the 737-7 and 737-10 models will be certified in 2026, with the first deliveries expected in 2027. The first quarter saw the 787 project continue to maintain production at 8 aircraft per month. There are plans to increase the production of the 737 MAX and 787 Dreamliner aircraft in 2026. Close monitoring of the health of factories and supply chains will be conducted.

Seeking Coverage

Being Writer

Exploring Cooperation