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[Today’s Toutiao]

Director-General of the IEA: 4-month oil supply gap will reach 3-month twice

On Wednesday, Fatih Birol, the Executive Director of the International Energy Agency, said in a podcast that the agency is considering whether it needs to urgently release oil reserves again, and urged governments to take other energy-saving measures, such as encouraging home office and lowering vehicle speed limit standards.
In the programme hosted by Nikolai Tangen, CEO of Norges Bank Investment Management, Birol said: “The situation in April will be far more severe than in March.” He said that in March, oil supply was supported by cargoes already en route before the outbreak of the Iran war, so the situation was relatively eased. He added: “The oil supply gap in April will reach twice that of March.”
Last month, including the United States, 32 member countries of the International Energy Agency released 400 million barrels of oil from emergency reserves to lower crude oil prices, which was the largest-ever reserve drawdown in the agency’s history.
Birol said: “We are assessing the market situation at a frequency of even daily and even hourly, to decide whether to take further intervention measures.”

[Market Outlook]

**Overnight US stocks rise across the board **Chip and memory concept shares climb

As of the overnight US stock market close,
The Dow Jones Industrial Average rose by 224.23 points from the previous trading day, closing at 46565.74 points, an increase of 0.48%; the S&P 500 stock index rose by 46.8 points, closing at 6575.32 points, an increase of 0.72%; the Nasdaq Composite Index rose by 250.32 points, closing at 21840.95 points, an increase of 1.16%.

Chip and memory concept shares rose; Western Digital was up more than 10%, SanDisk up more than 9%, Micron Technology and Intel up more than 8%. The aluminium sector generally rose as US Aluminium and Century Aluminium (share price hit a historical high) rose by more than 8%, after the Middle East’s largest aluminium company suspended production following a missile attack. Nike’s share price fell 16% at close, posting the largest single-day drop since June 2024.

Most popular China concept stocks closed higher; the Nasdaq China Golden Dragon Index rose 0.31%. Hang Seng Index ADRs rose; on a proportional basis, it closed at 25377.36 points, up 83.33 points or 0.33% from the close in Hong Kong.

WTI crude oil futures for the front month on the New York Mercantile Exchange fell by $2.47 to $98.91 per barrel, a decline of 2.44%. COMEX gold futures for the front month rose by $106.00, up 2.27%, to $4784.6 per ounce.

[Hotspot Preview]

Iran’s deputy speaker: “The current supreme leader has not approved any negotiations”

According to a report by Iran’s Fars News Agency on April 1, the Deputy Speaker of the Iranian Islamic Parliament, Ali Nikzad, delivered a public speech at a public meeting in Tafresh, Iran, that day. He said that under the Iranian Constitution, decisions regarding war, peace, and any negotiations fall within the authority of Iran’s Supreme Leader: “At present, the Supreme Leader has not approved any negotiations.” Market news: Several US intelligence agencies recently assessed that the Iranian government currently has no intention to hold substantive negotiations to end the conflict.

US launches rocket for crewed mission around the Moon

On the evening of April 1 local time, NASA’s new-generation moon rocket “Space Launch System” took off from Kennedy Space Center in Florida to carry out the crewed Artemis 2 mission around the Moon. This is the first time the US has sent a crewed flight to the Moon since 1972.

Strategist: Long-termisation of the Middle East conflict brings risks to global fertiliser supply

In a research report, an ANZ Bank strategist said that the long-termisation of the conflict in the Middle East puts global fertiliser supply at risk. The strategists said that the Middle East region accounts for about 30% of global fertiliser trade and is an important hub for natural gas exports, and added that transportation disruptions in the region have begun to affect fertiliser supply. They said that energy shocks are also affecting fertiliser production costs because nitrogen fertiliser is a gas-intensive product. They noted that fertiliser exporting countries such as China and Russia are imposing trade restrictions to ensure domestic supply, further tightening global supply. They added: “These disruptions will affect global food production, raising concerns about higher agricultural costs and production losses.”

SpaceX, owned by Musk, reportedly has submitted an application to go public

SpaceX, owned by Elon Musk, has reportedly secretly filed with the US Securities and Exchange Commission (SEC) the application documents for an initial public offering (IPO), taking an important step towards potentially becoming the largest IPO in history. According to people familiar with the matter, the satellite manufacturing and rocket launch company has submitted the listing application in a confidential manner. Earlier reports said that SpaceX planned to raise about $40 billion to $80 billion through the IPO, and the company’s target valuation could be $1.75 trillion.

CATL (03750) shows grid-scale energy storage sodium-ion battery for the first time; expects commercialisation within the year

On the 1st, CATL displayed a sodium-ion battery for energy storage for the first time. Its cycle life exceeds 15,000 times. The related energy storage products can cover large-scale energy storage applications ranging from 2 hours to 8 hours, as well as energy storage use cases for intelligent computing (智算) centres, and are expected to achieve commercial roll-out within the year. The sodium-ion batteries for energy storage exhibited this time, using the same-shell-platform design as the existing 587Ah lithium batteries, enable system compatibility between lithium and sodium batteries.

Abeisheng Pharmaceutical (00460) and BeiGene SitoBio (02315) reach strategic cooperation
Develop innovative drugs across multiple fields, such as weight loss acceleration through an AI-driven fully human antibody R&D platform

According to a Zhitong Finance APP news report, Abeisheng Pharmaceutical has released an announcement that the group and BeiGene SitoBio (Beijing) Pharmaceutical Technology Co., Ltd. have formally signed a strategic cooperation agreement. Both sides will adhere to the cooperation principles of complementary strengths and professional synergy. Leveraging the group’s mature experience across the full industrial chain in drug development, large-scale production, and commercialisation, and combining BeiGene SitoBio’s leading core technology of an AI-driven fully human antibody development platform, they will carry out joint R&D of innovative drugs in multiple disease areas with high potential, such as weight loss, and establish a long-term, stable, mutually beneficial and win-win partnership. They will work together to promote the R&D and commercialisation deployment of cutting-edge innovative drugs worldwide.

China Everbright Water (01857): obtains two water projects in Jiangsu; business portfolio optimisation continues; Yangtze River Delta layout deepens steadily

According to a Zhitong Finance APP news report, China Everbright Water has released an announcement. China Everbright Water recently obtained total-package contracting and entrusted operation (EPC+O) projects for Phase III of the Huai’an Huaiyin East City wastewater treatment project (Huaiyin project) and Phase 2 of the first-phase engineering project of the Jiangyin High-Tech Zone wastewater treatment plant (Jiangyin Hi-Tech plant) in Jiangsu. The back-to-back completion of the two projects indicates that China Everbright Water has taken a solid step forward in deepening its focus on the Yangtze River Delta’s core areas and accelerating in the field of water environment governance. It also demonstrates the company’s sense of responsibility as a leading environmental services provider in promoting regional water environment governance and protection, and supporting high-quality regional development.

Kanglong Chimical (03759): formulation commercialisation production workshop put into operation secures orders from international big pharma; small-molecule CDMO gross margin is expected to improve

Kanglong Chimical has released an announcement of its investor relations activity record. The construction of the formulation commercial production workshop at the company’s Beijing Second Park has been completed, and in the first quarter of 2026 it signed a strategic cooperation agreement with an international large pharmaceutical company, to provide commercial production services for its first registered application oral small-molecule GLP-1 receptor agonist. In the reporting period, the amount of newly signed orders increased by more than 14% year-on-year, with more than 950 new customers and more than 3,300 active customers. Revenue from customers among the top 20 global pharmaceutical companies increased by 29.4% year-on-year. The small-molecule CDMO services cover 1,102 drug molecules or intermediates, including 34 projects at process validation and commercialisation stages, and 47 Phase III clinical projects. As the scale of revenue from the small-molecule CDMO segment grows and the project structure advances into later stages, the gross margin of small-molecule CDMO services is expected to increase compared with 2025 on a year-on-year basis. In 2026, the company will maintain steady growth; from the beginning of the year to date, newly signed orders have maintained an upward momentum, and revenue from the clinical research services business is expected to continue to grow.

Braintime Aurora-B (06681) becomes a strategic cooperation unit of the Beijing Frontier Brain-Computer Interface Research Institute; working together to advance key brain-computer interface technologies into clinical translation

According to a Zhitong Finance APP news report, Braintime Aurora-B has released an announcement that the group has officially become a strategic cooperation unit of the Beijing Frontier Brain-Computer Interface Research Institute recently. On March 27, 2026, the company’s subsidiary, Zhejiang Braintime Aurora Medical Technology Co., Ltd., signed a strategic cooperation agreement on-site with the Beijing Frontier Brain-Computer Interface Research Institute.

[Stock Picks That Matter]

Hengrui-B (02256): FGFR4 inhibitor epragratinib receives orphan drug status from the EMA

Hengrui has announced that its self-developed highly selective small-molecule FGFR4 inhibitor epragratinib (Irpagratinib/ABSK-011) has been granted orphan drug designation (ODD) by the European Medicines Agency (EMA), for the treatment of hepatocellular carcinoma (HCC). At present, epragratinib is conducting clinical research in multiple locations worldwide. This time, the EMA’s grant of ODD will provide strong support for the product’s clinical development, registration submission, and commercialisation progress in Europe.

Public information shows that epragratinib is a highly selective, oral small-molecule FGFR4 inhibitor developed independently by Hengrui Pharmaceuticals. In addition to this EMA orphan drug designation, epragratinib previously also received ODD and fast-track designation (FTD) recognition from the US Food and Drug Administration (FDA), as well as breakthrough therapy designation (BTD) from China’s National Medical Products Administration (NMPA).