**Top Headlines** The latest Politburo meeting reiterated focus on stock and property markets, releasing eight key signals. Assessing the current economic situation, the meeting noted that "China's economy has started strongly, with main indicators exceeding expectations," while also emphasizing that "the foundation for sustained and stable economic improvement still needs further consolidation" and "confidence must be strengthened to advance economic work with greater intensity and more concrete measures."
Yuekai Securities Chief Economist Luo Zhiheng stated the meeting's tone was positive and pragmatic, with policy shifting from "front-loaded efforts and comprehensive measures" in the first quarter to "greater intensity and more concrete measures," highlighting an emphasis on policy implementation and effectiveness. The meeting pointed out the need for precise and effective implementation of more proactive fiscal policy and appropriately accommodative monetary policy. According to Ming Ming, Chief Economist at CITIC Securities, the addition of the phrase "precise and effective" compared to previous statements suggests subsequent macroeconomic policies will place greater emphasis on targeted structural support and implementation outcomes.
Recent data from the National Bureau of Statistics showed first-quarter GDP grew 5% year-on-year, a 0.5 percentage point increase from the fourth quarter of last year, indicating a strong start for the economy.
A sudden shift occurred in global crude markets as the UAE announced its withdrawal from OPEC. On April 28, the UAE issued a statement declaring it will formally exit the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance effective May 1, and will gradually increase oil production.
Following the announcement, international oil prices initially fell sharply, with WTI and Brent crude prices dropping by over $2 per barrel before slightly recovering. At the time of reporting, WTI crude was at $99.63 per barrel, while Brent crude stood at $104.23 per barrel.
The UAE stated in its declaration that the decision to leave OPEC and OPEC+ aligns with the country's long-term strategy, economic vision, and the development direction of its energy sector. Simultaneously, the UAE indicated it will progressively raise oil output.
A concentrated validation window for reusable rockets has opened, potentially marking the first year of scaled mass production for the commercial space industry chain. In late April, China's commercial space sector entered a period of intensive testing for reusable rockets. Models including the Long March 10B and Zhuque-3 successively conducted recovery technology verification, coinciding with the release of the national "Commercial Space Standard System (Version 1.0)." Driven by the synergy of industrial policy and core technologies, companies in the A-share industry chain reported strong first-quarter earnings. Wind data shows the Wanlong Commercial Aerospace Concept Index has performed well recently, rising 6.51% cumulatively since April 7.
Analysts believe the engineering implementation of reusable technology will lead to an exponential decrease in launch costs. Combined with top-level guidance from policy and standard systems, commercial space is transitioning from a technology verification phase to scaled commercial application. Entire industry chain segments including satellite manufacturing, rocket production, and ground equipment are expected to undergo value reassessment.
Overnight, 16 companies announced plans to receive delisting risk warnings. As the annual reporting season concludes, incomplete statistics indicate at least 16 firms disclosed intentions to be "capped" with risk warnings. Oriental Wisdom Manufacturing announced that its 2025 audited figures—the lowest among total profit, net profit, and net profit excluding non-recurring items—were negative, and its revenue after deductions fell below 300 million yuan, triggering conditions for a delisting risk alert. The company's shares will be suspended for one day on April 29, resuming trading on April 30 with a delisting risk warning implemented. Its stock abbreviation will change to "*ST Dongzhi," with a daily price fluctuation limit of 5%.
A broad sell-off occurred in early trading hours, driven by negative news concerning an AI giant, which subsequently issued a response. Affected by adverse reports related to OpenAI, U.S. chip stocks and AI-related concept shares experienced a comprehensive decline overnight. The Philadelphia Semiconductor Index fell over 3%, with Broadcom dropping more than 4%, and AMD, ASML ADR, and TSMC ADR each declining over 3%. Earlier reports suggested OpenAI failed to meet several internal performance targets, leading to a significant downturn in the U.S. tech sector. OpenAI promptly refuted the reports as inaccurate, emphasizing that ongoing computing capacity expansion remains a "core driver" to enhance product experience for clients.
Multiple government departments are jointly promoting the expansion and quality improvement of the service sector, with the National Venture Capital Guidance Fund and the National-level Merger and Acquisition Fund stepping into action. Recently, the State Council issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." Officials from the National Development and Reform Commission, the Ministry of Industry and Information Technology, and other departments outlined upcoming policy measures at a State Council policy briefing on April 28.
Shen Zhulin, Vice Chairman of the National Development and Reform Commission, stated that fiscal and financial policy support will be intensified. Resources including funds for "two news and two heavies," central budget内 investment, and new policy tools will be coordinated to further support sectors like education, healthcare, elderly care, and child care, expanding effective investment in services. Simultaneously, the role of the National Venture Capital Guidance Fund and the National-level Merger and Acquisition Fund will be leveraged to meet the financing needs of enterprises aiming for growth and strengthening.
The investment logic of long-term funds in the first quarter was exposed: focusing on industry景气度 and monitoring performance delivery. How did institutions adjust their portfolios during the highly volatile first quarter? As listed companies密集 disclose their Q1 2026 reports, the holdings of long-term funds such as social security funds, enterprise annuities, and QFII are gradually being revealed. Statistical data shows these long-term funds primarily invested in high-growth sectors like non-ferrous metals, machinery equipment, electronics, and chemicals, with these companies demonstrating improving performance.
Korean capital is flowing in, favoring Hong Kong-listed hard tech assets. Latest data from the Korea Securities Depository (KSD) shows Korean investors have been持续 buying Hong Kong stocks since April, showing preference for Chinese hard tech assets in semiconductors, AI computing hardware, and new energy. Driven by this foreign inflow, the Hang Seng AH Premium Index has fallen to an nearly 8-year low, with some dually-listed hard tech leaders even trading at higher prices in H-shares than A-shares.
Institutional sources believe foreign capital is the core force driving changes in the AH premium ratio. Looking ahead over the next two months, the Hang Seng Tech Index is expected to see upward momentum, with hard tech areas like semiconductors and hardware equipment likely to remain attractive to capital.
The largest IPO on the Shenzhen Stock Exchange is here! China Resources New Energy becomes the first red-chip company approved for listing on the Shenzhen main board, aiming to raise 24.5 billion yuan. Its grid-connected installed capacity for power generation projects exceeds 41,000 MW. On April 28, China Resources New Energy Holdings Co., Ltd. successfully passed the review for its main board IPO on the Shenzhen Stock Exchange, marking the first red-chip company approved for the Shenzhen main board. The company plans to raise up to 24.5 billion yuan, making it the largest IPO project on the Shenzhen market to date.
According to the prospectus, as of the end of 2025, China Resources New Energy's grid-connected installed capacity for power generation projects reached 41,589.9 MW, accounting for 2.26% of the national market share, positioning it firmly among industry leaders. This includes 27,630.7 MW of wind power capacity (4.32% national share) and 13,959.2 MW of photovoltaic capacity (1.16% national share).
Iranian Army Spokesperson: War is not over, military remains on high alert. On April 28, Iran's Tasnim News Agency quoted Army Spokesman Mohammad Aqlamnia stating that the military considers the current situation still a state of war, with ground forces deployed nationwide, remaining vigilant to counter threats.
He mentioned that Iran has completed a comprehensive update of target lists and operational equipment, and all forces are fully prepared to respond to potential enemy military attacks.
Storage supercycle ignites explosive earnings. As the disclosure of Q1 2026 reports nears conclusion, a relay race of earnings explosions fueled by the storage "supercycle" is unfolding among A-share industry chain listed companies.
BIWIN Storage reported quarterly net profit approaching 2.9 billion yuan, Demingli projected earnings up to 3.65 billion yuan, and Shannon Core Creative saw a 78-fold increase... Successively higher pre-profit figures indicate the intensity of the current storage boom is the strongest in recent years. This is not merely a cyclical rebound but a structural value reassessment driven by AI computing demand.
**Featured Companies** Sudden announcement from the 300-billion-yuan liquor giant Wuliangye: delayed disclosure of annual and quarterly reports. On the evening of April 28, Wuliangye announced that the company, originally scheduled to disclose its "2025 Annual Report" and "2026 First Quarter Report" on April 29, will postpone the release until after market close on April 30 to further完善 the preparation and review of periodic reports.
Inquiries to Wuliangye regarding the reason for the delay received no additional response by the time of reporting.
Regaining the "stock king" throne! Yuanjie Technology frequently sees increased margin buying; two other thousand-yuan stocks are closely following. Yuanjie Technology disclosed its Q1 2026 report, showing quarterly revenue and net profit attributable to shareholders increased by 320.94% and 1153.07% year-on-year respectively. Q1 net profit also doubled quarter-on-quarter, primarily driven by sales growth of CW light source products in the data center sector. Boosted by this, Yuanjie Technology's stock price rose again today, with intraday gains nearing 6%, breaking through 1,500 yuan to become the fifth stock in A-share history to surpass the 1,500-yuan mark.
Cyberspace authorities legally investigate platforms including "Jianying," "Maoxiang," and "Jimeng AI." On April 28, the official WeChat account "Cyberspace China" reported that recent inspections found apps "Jianying" and "Maoxiang," and the website "Jimeng AI," failed to effectively implement regulations for labeling AI-generated content, violating laws including the Cybersecurity Law, the Interim Measures for the Management of Generative AI Services, and the Measures for the Identification of AI-Generated Content.
Consequently, the Cyberspace Administration of China guided local internet information offices to take actions including interviews, orders for rectification, warnings, and stricter handling of responsible persons against the mentioned platforms.
An official from the Cyberspace Administration of China stated that online platforms must strictly adhere to legal bottom lines, rigorously implementing regulations related to AI-generated content labeling. Cyberspace authorities will deepen the rule of law in internet governance, continuously strengthen supervision of AI-generated content identification, effectively safeguard public interests, and promote the healthy and orderly development of artificial intelligence.
DeepSeek increases registered capital by half; Liang Wenfeng's stake rises to 34%. Qichacha APP shows that recently, DeepSeek's associated company, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., underwent industrial and commercial changes. The holding ratio of Ningbo Cheng'en Enterprise Management Consulting Partnership (Limited Partnership) decreased from 99% to 66%, while founder Liang Wenfeng's stake increased from 1% to 34%. Concurrently, the company's registered capital increased from 10 million yuan to 15 million yuan, a 50% rise.
**Industry Highlights** Leading stocks hit limit-up! A review of innovation drug "pick-and-shovel" plays. Profit inflection point arrives for the lithium battery industry; stocks favored by margin traders revealed. New wave of price hikes hits PCB materials! Leading companies release profit elasticity; these 17 stocks may see earnings double. Korean capital inflows favor Hong Kong-listed hard tech assets. El Niño phenomenon may emerge as early as mid-year; focus on structural opportunities in agricultural markets.
**Market Strategy** This week, the U.S. stock market enters a peak earnings period, where the narrative of AI capital expenditure may face a critical stress test.
According to the schedule, after market close on Wednesday, Alphabet (Google's parent), Microsoft, Amazon, and Meta will simultaneously release first-quarter results, with Apple reporting on Thursday. Current consensus expectations have largely priced in the combined capital expenditure of over $600 billion for these four giants in 2026. Rich Privorotsky, Head of Delta One at Goldman Sachs, stated the core market question is not the strength of demand—which is clearly robust—but whether capital expenditure can increase further. If capital expenditure remains flat, against a backdrop of rising input costs, this effectively equates to a slowdown, directly challenging the current AI market narrative.
Within this market structure dominated by AI capex logic, the semiconductor sector has become the most direct beneficiary, with the sector up 42% year-to-date, far exceeding the approximately 2% gain of the "Magnificent Seven." The semiconductor rally has evolved into a self-reinforcing cycle: expectations and prices drive each other, transforming the trend from "fundamentally supported" to "self-fulfilling." The sector's P/E ratio has risen to 60x, with panic buying sentiment accumulating. Goldman Sachs believes this is the zone where "convexity risks begin to manifest"—parabolic rises always have an endpoint.
Rich Privorotsky's assessment of the overall market's risk-reward has turned cautious: "It's hard not to respect the strength of the AI money flow, but the velocity of this move is extreme. Upside surprises relative to expectations have come almost entirely from AI spending—that's the whole game." Additionally, Tom Graff, Chief Investment Officer at Facet Wealth, noted that the market still hasn't fully grasped the impact of the Iran conflict on the Federal Reserve's monetary policy direction. He further stated, "Many are not paying enough attention to the Fed. In fact, expectations for two rate cuts this year have been priced out of interest rates, which has a significant impact on tech stocks."
The market previously anticipated three rate cuts this year but now holds little hope for any reductions. Tom Graff also mentioned that the appointment of a new Fed Chair might not greatly alter this expectation. Kevin Warsh, nominated by President Trump as the successor, testified before Congress last week using rhetoric perceived as more "hawkish" than many expected, further complicating the interest rate outlook.
**New Listings Today** None
**Announcements Summary** **Trading Halts** 600130 *ST Bird 601010 Wenfeng Shares 002175 Oriental Wisdom Manufacturing 600370 Sanfangxiang 000016 Shenzhen Kangjia A 603922 Jin Hongshun 300212 E-Hualu 300147 ST Xiangxue 600734 Star Group 688622 Hexin Instruments 000826 Tus-Environment 002691 Jikai Equipment 600678 Sichuan Jinding 603359 Dongzhu Ecology 600080 Jin Hua Shares 688496 Qingyue Technology 002694 Gudi Technology 000632 Sanmu Group 002501 Liyuan Co., Ltd. 000639 Xiwang Food 002528 ST Infinova 000911 Guangnong Sugar Industry 688287 *ST Guandian 603729 Longyun股份 600180瑞茂通 600053 Jiuding Investment 600239 Yunnan City Investment 002323 Yabo股份 300068 Narada Power 002856美芝股份 300594朗进科技 300027华谊兄弟 002547春兴精工 300152 ST New Power 002630 ST Huaxi 002717 ST Lingnan
**Trading Resumption** 688531日联科技 688201 ST Xinan 600537 *ST亿晶 600084 *ST尼雅 002207 *ST准油 002360 ST Tongde 603272 *ST联翔 300338 *ST开元 002719 ST Maique 300198 *ST Nachuan 600759 ST洲际 600818 ST Zhonglu 600476 *ST湘邮 603828 *ST Lida 300245 ST天玑
**Major Events** Hqtech: Wholly-owned subsidiary intends to acquire 5% stake in Jinhui Integration for 2.651 billion yuan. Hqtech announced that its wholly-owned subsidiary, Hefei Qinhe, plans to acquire a 5% stake in Jinhui Integration from Lijing Venture Capital for approximately 2.651 billion yuan. Post-transaction, the company and its subsidiaries will collectively hold an 11% stake in Jinhui Integration. The deal aims to deepen integration and synergy within the industry chain, funded by internal resources, and does not constitute a connected transaction or major asset reorganization.
Oriental Wisdom Manufacturing: Trading to resume on April 30 with delisting risk warning; stock abbreviation changes to "*ST Dongzhi". Oriental Wisdom Manufacturing announced that its 2025 audited figures—the lowest among total profit, net profit, and net profit excluding non-recurring items—were negative, and revenue after deductions was below 300 million yuan, triggering a delisting risk alert. Shares will be halted on April 29, resuming on April 30 with a delisting risk warning. The stock abbreviation changes to "*ST Dongzhi" with a 5% daily price limit.
*ST Bird: Delisting risk warning to be lifted on April 30; stock abbreviation changes to Bird Co., Ltd. *ST Bird announced shares will be halted on April 29, resuming on April 30 with the delisting risk warning removed. The abbreviation changes from "*ST Bird" to "Bird Co., Ltd.", and the daily price limit reverts to 10% from 5%.
Xiwang Food: Company and actual controller under investigation by CSRC. Xiwang Food announced that the company and its actual controller, Wang Yong, received a "Case Filing Notice" from the CSRC due to suspected information disclosure violations. The company stated it will cooperate with the investigation, and current production and operations are normal, with no significant impact expected.
Cambridge Industries: Proposes 2026 stock option and restricted stock incentive plan. Cambridge Industries announced a proposed 2026 incentive plan, intending to grant a total of 15.5713 million rights, representing about 4.42% of total shares. This includes 14.5713 million initially granted and 1 million reserved. The exercise price for stock options is 113.99 yuan per share, and the grant price for restricted stock is 57.00 yuan per share. Performance targets include: 2026 revenue不低于 58.11 billion yuan or net profit不低于 335 million yuan; cumulative 2026-2027 revenue不低于 127.84 billion yuan or cumulative net profit不低于 738 million yuan; cumulative 2026-2028 revenue不低于 211.51 billion yuan or cumulative net profit不低于 1.221 billion yuan.
**Performance Review** Venustech: Q1 net profit up 2950% year-on-year. Venustech reported Q1 2026 revenue of 667 million yuan, up 4.15% year-on-year; net profit attributable to shareholders was 48.7127 million yuan, a 2949.98% increase. The improvement was mainly due to revenue growth with stable gross margin, leading to a 3.12 percentage point increase in gross profit. Effective cost control and refined operations reduced three-fee expenses by 149 million yuan year-on-year. Early-stage investments yielded positive returns after portfolio companies went public.
Dengyun股份: Q1 net profit up 2050%; valve business revenue increased significantly. Dengyun股份 reported Q1 2026 revenue of 136 million yuan, up 9.94% year-on-year; net profit attributable to shareholders was 6.6191 million yuan, a 2050.22% increase. This was primarily due to significant revenue growth in the valve business with stable expenses. After Beijing Huanglong Jintai Mining Co., Ltd. was deconsolidated and accounted for using the equity method, recognized losses from the investee decreased.
China Merchants Bank: Q1 net profit up 1.52%; asset and liability scale expanded. China Merchants Bank reported Q1 2026 revenue of 86.94 billion yuan, up 3.81% year-on-year; net profit attributable to shareholders was 37.852 billion yuan, a 1.52% increase. The growth was attributed to steady business development, expansion of assets and liabilities, and stable improvement in operational efficiency.
Industrial富联: Q1 net profit up 102.55%. Industrial富联 reported Q1 2026 revenue of 251.078 billion yuan, up 56.52% year-on-year; net profit attributable to shareholders was 10.595 billion yuan, a 102.55% increase. This was mainly due to持续 strong demand for AI computing power, increased market share with key clients, and strong performance in cloud service provider business, driving overall revenue growth.
Hongchang电子: Q1 net profit of 468,500 yuan, down 92.74% year-on-year. Hongchang电子 reported Q1 2026 revenue of 989 million yuan, up 76.81% year-on-year; net profit attributable to shareholders was 468,500 yuan, a 92.74% decrease. The revenue increase was due to contributions from the completed phases of Zhuhai Hongchang II and Zhuhai Hongren. However, the new Zhuhai Hongren facility, involving system setup and product certification, is ramping up capacity slowly with high initial costs, impacting overall net profit.
Baotou Steel: Q1 net loss of 463 million yuan, turning from profit to loss year-on-year. Baotou Steel disclosed Q1 2026 revenue of 13.314 billion yuan, down 13.73% year-on-year; net loss attributable to shareholders was 463 million yuan, a shift from profit to loss. During the period, steel prices remained low due to超预期 increases in bulk raw material prices and insufficient downstream demand, squeezing profit margins. Some production lines at a subsidiary's plate plant were shut for maintenance due to an accident, and the company conducted maintenance on Blast Furnace No. 8, leading to reduced output and higher costs. The company is implementing a rare-earth steel new materials doubling plan, accelerating product certification and market access, implementing custom grades and independent pricing to enhance the premium and profitability of rare-earth steel products.
Waltest: Q1 net profit up 173%; growth driven by AI and high-performance computing boosts high-end testing sales. Waltest reported Q1 2026 revenue of 490 million yuan, up 71.79% year-on-year; net profit attributable to shareholders was 70.858 million yuan, a 173.39% increase. This was mainly due to robust development in emerging applications like AI, HPC, and automotive electronics, coupled with the utilization of newly expanded high-end capacity, leading to significant growth in high-end testing sales.
Northern Rare Earth: Q1 net profit up 113.12%; average prices of main rare earth products higher year-on-year. Northern Rare Earth reported Q1 2026 revenue of 11.859 billion yuan, up 27.69% year-on-year; net profit attributable to shareholders was 918 million yuan, a 113.12% increase. This was primarily because the average Q1 prices of key rare earth products, represented by praseodymium-neodymium products, were higher year-on-year, increasing gross profit.
Shengyi电子: Q1 net profit up 122%. Shengyi电子 reported Q1 2026 revenue of 2.411 billion yuan, up 52.62% year-on-year; net profit attributable to shareholders was 445 million yuan, a 122.16% increase. The company attributed this to deeply implementing its "market leadership, dual-drive" strategy, precisely targeting mid-to-high-end markets, increasing R&D investment, advancing capacity expansion, and strengthening quality management to consolidate competitive advantages, leading to substantial profit growth.
Rongchang Biotech: Q1 net profit of 328 million yuan, turning from loss to profit year-on-year. Rongchang Biotech reported Q1 2026 revenue of 656 million yuan, up 24.76% year-on-year; net profit attributable to shareholders was 328 million yuan, a turnaround from loss to profit. This was mainly due to持续 increased revenue from commercialized products, reduced R&D spending from product technology licensing, and changes in the fair value of warrant liabilities.
Shijun Circuit: Q1 net profit down 79.63%; impacted by significant raw material price increases and currency depreciation. Shijun Circuit reported Q1 2026 revenue of 1.322 billion yuan, up 8.63% year-on-year; net profit attributable to shareholders was 36.6324 million yuan, a 79.63% decrease. This was primarily due to the combined effects of substantial raw material price hikes and significant currency depreciation.
Juhua Co., Ltd.: Q1 net profit up 46%; mainly due to rising refrigerant product prices. Juhua Co., Ltd. reported Q1 2026 revenue of 6.018 billion yuan, up 3.75% year-on-year; net profit attributable to shareholders was 1.173 billion yuan, a 45.93% increase. This was mainly attributed to rising prices of refrigerant products.
Rongchang Biotech reported Q1 2026 revenue of 656 million yuan, up 24.76% year-on-year; net profit attributable to shareholders was 328 million yuan, a turnaround from loss to profit. This was mainly due to持续 increased revenue from commercialized products, reduced R&D spending from product technology licensing, and changes in the fair value of warrant liabilities.
Xianglu Tungsten: Q1 net profit up 2917%; mainly due to increased revenue from rising tungsten prices. Xianglu Tungsten reported Q1 2026 revenue of 1.148 billion yuan, up 138.65% year-on-year; net profit attributable to shareholders was 251 million yuan, a 2917.13% increase. This was primarily due to increased revenue driven by rising tungsten prices.
Zhenyu Technology: Q1 net profit up 286.75%. Zhenyu Technology reported Q1 2026 revenue of 2.969 billion yuan, up 65.61% year-on-year; net profit attributable to shareholders was 282 million yuan, a 286.75% increase. Revenue growth was mainly due to strong downstream customer demand and capacity release.
**Major Contracts** Jingu Co., Ltd.: Receives project designation notice for Avatar low-carbon wheels. Jingu Co., Ltd. announced it recently received another designation notice from a leading知名 new energy vehicle manufacturer to develop Avatar low-carbon wheel products for its passenger vehicles. The company has累计 received designations for over ten passenger vehicle projects from this client, with mass production expected to begin in August this year, which will impact the company's annual revenue and profit levels.