Wall Street Insights Breakfast FM-Radio | April 8, 2026

China Morning News Voice

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Market Overview

Trump threatened that “the entire civilization will perish” in relation to Iran. During the day, the Nasdaq fell by more than 1.5% at one point, and crude oil rose by as much as 3%. On Tuesday’s U.S. stock market late close, Pakistan urged the United States to extend the Iran deadline by two weeks; U.S. stocks pared earlier losses. The S&P 500 erased a 1.2% drop to finish slightly higher. The Nasdaq rose modestly, while the Dow fell by nearly 0.2%.

After the market close, Trump accepted a two-week ceasefire, saying Iran agreed to open the Strait of Hormuz. WTI crude oil futures plunged 10%, while gold surged, nearing 4800 U.S. dollars. Gains in S&P 500 futures and Dow futures widened to 1.7%, Nasdaq futures rose 1.9%, and Russell 2000 index futures rose 2.5%.

Anthropic launched a top-tier AI model. Shares in cybersecurity generally climbed, and the index closed higher for the sixth straight trading day. Reports said the foldable iPhone encountered engineering issues. Apple’s stock price fell by more than 5% at one point, but later narrowed its losses.

U.S. Treasury yields first rose and then fell. The 10-year yield rose by as much as 4.5 basis points, then continued to decline by more than 8 basis points versus the intraday high. The 2-year yield fell by 5 basis points. The dollar fell 0.3%, marking back-to-back declines.

In the Asian session, China’s A-share three major stock indexes fluctuated higher. Chemical stocks sparked a run of daily limit-up moves. Coal stocks were active. Chip stocks gained momentum, and Cambricon surged 9%.

Headlines

China

The State Council’s “Regulations on the Safety of Industrial Chain and Supply Chain” were released: strengthen safety assurance for industrial chains and supply chains in key areas.

China’s gold reserves increased by 160k ounces month over month at the end of March, marking 17 consecutive months of additional purchases.

Tianfu Communication: 2025 revenue grew 58.79% year over year, net profit grew 50.15%, and it plans to distribute 10-for-7 yuan to convert into 4 shares.

A surge in AI computing power is in full swing. Hygon Information’s Q1 revenue jumped 68% to a new high, and net profit grew 35.8%.

Shangxun Chip: 2025 operating profit grew 182.42% year over year. Q1 net profit surged more than 67 times. The company’s independent brand “Hype Storage” achieved its first annual profitability.

Dawning Information Technology: Q1 revenue exceeded 3 billion yuan, and profit attributable to shareholders surged 21% year over year.

Overseas

Less than 12 hours after threatening to “destroy civilization,” Trump accepted a two-week ceasefire, saying Iran agreed to open the Strait of Hormuz. Iran accepted a ceasefire proposal put forward by Pakistan.

China and Russia vetoed a draft resolution related to the Strait of Hormuz in the United Nations Security Council. China’s representative to the UN: you cannot issue a pass to open the way using force. Russia’s representative: if the draft resolution on the Strait of Hormuz is adopted, it will set a dangerous precedent.

The IEA warns: the intensity of Gulf energy disruption surpasses the sum of 1973, 1979, and 2022. The global economy is entering a “Black April”!

U.S. February core capital orders rose for the 11th straight month. Core durable goods orders increased 0.8% month over month, while aircraft orders dragged down the total value.

Fed “third-in-command” Williams: the Middle East conflict will push up overall inflation, and this year’s inflation rate should be around 2.75%.

Fed survey: short-term inflation expectations rise; the expected upside in gasoline prices surged to the highest level since 2022.

Anthropic announced a myth-level model they’ve trained: Claude Mythos. Its code and hacking capabilities outclass opus4.6. For now it is limited to tech giants for trial use and is not open to the public.

After Claude Code was updated, it “crashed.” The depth of thinking dropped 67%. “We can no longer trust it to handle complex engineering tasks”!

The foldable iPhone faced engineering challenges, and the stock price was once down by more than 5%, but reports say the company still plans to release it in September.

DRAM prices surpass gold prices.

Market Close

U.S. and Europe stocks: The S&P 500 rose 0.08%, closing at 6616.85. The Dow fell 0.18%, closing at 46584.46. The Nasdaq rose 0.10%, closing at 22017.849. Europe’s STOXX 600 index fell 1.01%, closing at 590.59.

A-shares: The Shanghai Composite Index closed at 3890.16, up 0.26%. The Shenzhen Component Index closed at 13400.41, up 0.36%. The ChiNext Index closed at 3160.82, up 0.36%.

Bond market: The yield on U.S. 10-year Treasuries fell 1.19 basis points to 4.3188%. The yield on U.S. 2-year Treasuries fell 3.11 basis points to 3.8167%.

Commodities: After Tuesday’s U.S. market close, WTI crude oil futures’ decline widened to 10%. On Tuesday’s New York late close, spot gold rose 1.30% to 4709.73 U.S. dollars per ounce. Spot silver rose 0.28% to 73.0205 U.S. dollars per ounce.

Headlines in Detail

Global Top Stories

China

The State Council’s “Regulations on the Safety of Industrial Chain and Supply Chain” were released: strengthen safety assurance for industrial chains and supply chains in key areas. The “Regulations” state that a sound industrial chain and supply chain safety work mechanism will be established. Strengthening safety assurance for industrial chains and supply chains in key areas, establishing sound systems for information sharing, risk monitoring and early warning, risk prevention, and emergency management, and maintaining stable production and circulation—sustained operation—of raw materials, technologies, equipment, products, and more in key areas.

China’s gold reserves increased by 160k ounces month over month at the end of March, marking 17 consecutive months of additional purchases! Latest data show China’s gold reserves at the end of March were 74.38 million ounces, versus 74.22 million ounces at the end of February. As of the end of March 2026, China’s foreign exchange reserves stood at 1B U.S. dollars, down 85.7 billion U.S. dollars from the end of February, a decline of 2.5%. A combination of factors such as exchange-rate conversion and changes in asset prices contributed to the decrease in foreign exchange reserves that month.

Tianfu Communication: 2025 revenue grew 58.79% year over year; net profit grew 50.15%; it plans to distribute 10-for-7 yuan to convert into 4 shares. Tianfu Communication achieved full-year 2025 operating revenue of 8B yuan, up 58.79%; net profit attributable to shareholders of listed companies was 160k yuan, up 50.15%. In the same period, the company’s net cash flow from operating activities reached 8B yuan, an increase of nearly 48%, showing that the quality of earnings continues to improve.

A surge in AI computing power is in full swing. Hygon Information’s Q1 revenue jumped 68% to a new high, and net profit grew 35.8%. The company realized operating revenue of 8B yuan, a同比 increase of 68.06%, setting a new historical high for quarterly revenue; net profit attributable to shareholders of listed companies reached 687 million yuan, up 35.82%. With the domestic AI computing infrastructure construction entering an acceleration phase, Hygon Information is advancing on both lines—general computing and artificial intelligence computing—using a product matrix characterized by high performance, high reliability, and low power consumption. The speed of performance delivery surpassed market expectations.

Shangxun Chip: 2025 operating profit grew 182.42% year over year; Q1 net profit surged more than 67 times; the company’s independent brand “Hype Storage” achieved its first annual profitability. In 2025, Shangxun Chip achieved revenue of 160k yuan, up 45.24%; net profit attributable to shareholders was 5.44 billion yuan, up 106.06%. Revenue growth in the company’s independent brand “Hype Storage” enabled the company to achieve annual profitability for the first time. The company expects Q1 net profit attributable to shareholders to be between 1.14 billion yuan and 1.48 billion yuan, representing a year-over-year increase of 6715% to 8747%. The base in the same period last year was 2.02B yuan.

Dawning Information Technology: Q1 revenue exceeded 3 billion yuan; profit attributable to shareholders surged 21% year over year. Against the backdrop of continued explosive demand for AI computing infrastructure, Dawning Information Technology is accelerating the realization of market expectations. In Q1, total operating revenue was 3.072 billion yuan, up 18.80%. Net profit attributable to shareholders of listed companies was 225 million yuan, up 20.88%.

Overseas

Less than 12 hours after threatening to “destroy civilization,” Trump accepted a two-week ceasefire, saying Iran agreed to open the Strait of Hormuz. Iran accepted the ceasefire proposal put forward by Pakistan. Trump said he accepted Pakistan’s proposal because the Iranian government has already agreed to open the Strait of Hormuz “comprehensively, immediately, and safely.” This is a bilateral ceasefire agreement. Regarding reaching a final peace agreement with Iran, he said there had been “substantive progress.” Iran’s proposal provided a feasible basis for negotiations between the two sides, and the two sides have basically reached consensus on the disputed issues.

Iran terminated direct diplomatic contact with the U.S. but still communicated through intermediaries. Pakistan proposed a two-week extension, and Trump would respond, according to reports—there should be good news soon. Reports said “good news” from U.S.-Iran negotiations was expected soon, and an agreement would be reached by 7 p.m. U.S. Eastern Time on the 7th. The intermediary Pakistan’s prime minister proposed that Trump extend the final deadline by two weeks while Iran opens the Strait of Hormuz for two weeks. Iran is reportedly actively reviewing the proposal, and the S&P and Nasdaq indexes turned upward. Trump said the U.S. is conducting “intense negotiations” regarding the Iran war and would listen to a complete briefing of Pakistan’s proposal; if negotiations make progress, he would consider changing the strike plan. Reports said there had been a sliver of progress in U.S.-Iran negotiations. The White House’s focus shifted from whether an agreement could be reached to whether it could be reached before the final deadline. After Trump threatened to destroy “the entire civilization,” Iran cut off direct communication to express dissatisfaction.

Iran’s military: they have prepared some “surprises” for Trump’s potentially crazy moves, including striking Saudi Aramco. An Iranian military official said one of the “surprises” is to include Saudi Aramco, the Yanbu oilfield and the Fujairah oil pipelines in the Middle East as targets for Iran’s strikes. A statement from the Iranian military said that on Tuesday, it struck certain important assets of the U.S. in Saudi Arabia, including a U.S.-backed petrochemical integrated complex.

Israel conducted airstrikes on Iranian railways and bridges. Iran’s largest oil-producing island was hit by the U.S., and people formed chains to protect a power plant and bridges; Trump threatened the “perishing of the entire civilization.” Senior Iranian officials said they would not participate in talks aimed at a ceasefire. Iran’s Khark Island was attacked again. Khark Island is located in the northwest of the Persian Gulf and is Iran’s largest crude oil export base; 90% of Iran’s crude oil is exported from there.

China and Russia vetoed a draft resolution related to the Strait of Hormuz in the UN Security Council. The draft resolution “strongly encourages” countries with defensive nature that intend to use the Strait of Hormuz commercial shipping lanes to coordinate actions to help ensure the navigation safety and security of the Strait. In the vote in the Security Council, 11 voted in favor, 2 abstained, and 2 voted against. Iran’s representative said China and Russia blocked misuse of the Security Council.

• China’s representative to the UN: you cannot issue a pass to open the way using force. Russia’s representative: if the draft resolution on the Strait of Hormuz is adopted, it will set a dangerous precedent. After a vote in the Security Council, Fu Cong made a clarifying statement saying that the Council’s actions should focus on cooling tensions and easing the situation, and should not cloak unauthorized military actions in a legitimate guise, should not issue a pass to open the way using force, and should not further intensify contradictions and pour oil on the fire to lead to escalation of conflict.

The IEA warns: the intensity of Gulf energy disruption surpasses the sum of 1973, 1979, and 2022, and the global economy is entering a “Black April”! Fatih Birol, Executive Director of the International Energy Agency (IEA), pointed out that more than 75 energy facilities in the Gulf region have been attacked, with one third suffering severe damage, and repairs will take a long time. If the whole month of April sees the Strait of Hormuz remain closed, the quantity of crude oil and refined products lost globally would reach twice that of March—“we’re entering a Black April.”

U.S. February core capital orders rose for the 11th straight month. Core durable goods orders rose 0.8% month over month; aircraft orders dragged down the total value. In February, excluding defense and aircraft, non-defense capital durable goods orders rose 0.6% month over month (expected 0.5%), indicating that before the outbreak of the U.S.-Iran conflict, U.S. companies’ investment appetite remained robust. Core durable goods orders increased 0.8% month over month for 11 consecutive months. Due to the drag from aircraft orders, total durable goods orders recorded a 1.4% decline month over month, worse than the market expectation of -1.2%, with three consecutive months of negative growth.

Fed “third-in-command” Williams: the Middle East conflict will push up overall inflation, and this year’s inflation rate should be around 2.75%. Williams said that although geopolitical conflict persists, the overall trend of core inflation has not changed significantly, but tariffs remain an important factor that cannot be ignored in the inflation outlook. Williams made it clear that before the new chair is confirmed, Powell is still the chair of the Federal Open Market Committee (FOMC), and he gave a positive assessment to the reported successor candidate Kevin Warsh, saying that he “has a deep understanding of the Fed’s mission.”

Fed survey: short-term inflation expectations rise; expected gasoline price increases surged to the highest level since 2022. The latest survey report from the Federal Reserve Bank of New York shows that households’ inflation expectations for the short and medium term increased somewhat, while long-term inflation expectations stayed unchanged. The expected rise in gasoline prices surged to the highest level since March 2022. Job-finding expectations improved slightly, while unemployment expectations and expectations for the unemployment rate worsened. Expectations for spending and household income growth were broadly unchanged. Respondents were more pessimistic about future household finances.

Anthropic announced the myth-level model they trained: Claude Mythos. Its code and hacking capabilities outclass opus4.6, and it’s not open to the public! Anthropic released the “Glasswing Project,” a joint effort with 12 institutions including Amazon, Google, and Microsoft, to carry out cybersecurity defense actions around the new model Claude Mythos Preview. The model’s code and reasoning capabilities exceed those of Claude Opus. It has scanned mainstream systems and found thousands of zero-day vulnerabilities, including multiple high-severity vulnerabilities that have existed for more than a decade; all have been fixed.

Anthropic launched a top AI model, temporarily limited to trials by tech giants only, and cybersecurity shares jumped broadly. Anthropic initiated the “Project Glasswing” joint project, inviting tech giants such as Amazon, Apple, Microsoft, and others to test the undisclosed AI model Mythos, aiming to identify cybersecurity vulnerabilities in advance and share results with the industry. Anthropic said there is currently no plan to release Mythos to the public. The news boosted the cybersecurity sector broadly. CrowdStrike rose 6.2%, and Palo Alto Networks rose 4.9%.

After Claude Code was updated, it “crashed.” The depth of thinking dropped 67%, and “we can no longer trust it to handle complex engineering tasks”! AMD’s AI director Stella Laurenzo, based on a quantitative analysis of 6,852 session logs, publicly accused Claude Code on GitHub of systematic degradation since February: depth of thinking dropped 67%, the file read rate before code modifications fell 70%, the number of triggering bad behaviors spiked by 173 times, and API costs surged 122-fold. The official response said it was caused by lowering the default thinking level, but user feedback indicated that even after manually raising it, the problem persisted. This has triggered a serious trust crisis and a large outflow of users.

Apple’s foldable iPhone faces engineering challenges. The stock price was once down by more than 5%, but reports say the company still plans to release it in September. Nikkei Asia reported that the product encountered technical obstacles during engineering testing and could be delayed by several months, causing Apple’s stock to fall by more than 5% intraday at one point. Bloomberg then cited insiders to clarify that the launch plan remains unchanged, and initial supply may be limited. The product’s pricing is expected to exceed 2000 U.S. dollars. After launch, it will use an iPad-like interface and focus on large-screen productivity experiences.

DRAM prices surpass gold prices. As of the 7th, the price of the latest server DRAM “DDR5 16Gb 4800/5600” chips has surged to 37 U.S. dollars per chip, making its per-gram price (327,749 Korean won) higher than gold (224,630 Korean won). And in June last year, the price of this chip was only 6.01 U.S. dollars.

Selected Research Reports

JPMorgan Asset Management: Regarding the situation in Iran, investors have two major misconceptions. Cembalest, chairman of JPMorgan Asset Management, pointed in his latest report to two key risks. First, U.S. energy independence is not a “firewall” to resist a Hormuz blockade—soaring global oil prices would directly penetrate the U.S. market. Second, Iran has drawn conclusions from the current situation: the strategy of “holding the global economy hostage” using the Strait of Hormuz works far more than expected, and there is no real pressure forcing it to quickly make concessions. Beneath the calm surface of the stock market, systemic risks are being seriously underestimated.

Consensus far behind reality! JPMorgan: the duopoly of mechanical hard disk drives is undervalued; supply shortages may continue until 2029; gross margin could move into the mid-to-high 50% range. JPMorgan’s latest channel survey shows that demand and pricing in the mechanical hard disk market are experiencing unprecedented strengthening, and supply shortages are expected to last through the 2028 calendar year. On this basis, JPMorgan reiterates its “buy”/increase holdings ratings for Seagate and Western Digital and has raised Seagate to “preferred” in place of Western Digital. JPMorgan believes that as high-capacity technologies like HAMR accelerate cost reductions and pricing power rises well beyond expectations, Seagate and Western Digital are entering a golden window where gross margins can move into the mid-to-high 50% range.

Big companies “bulls and horses,” forced to use AI. When things that originally belonged to personal experience and work habits are broken down, organized, uploaded, and reused piece by piece, the people who write code steadily have become “inactive participants,” while those who frequently debug prompts have become the typical “actively embracing new technology” type. New anxieties also emerge: are we using AI, or are we feeding AI—turning ourselves step by step into processes that can be replaced?

Domestic Companies

Before TSMC’s financial report, JPMorgan loudly called for “Buy!” Advanced process shortages will continue through 2027. With a surge in AI computing power demand, production capacity orders for advanced processes such as TSMC N3 and N2 have been scheduled through 2027. The company is actively expanding capacity; capital expenditures are expected to reach 190 billion U.S. dollars from 2026 to 2028, and global capacity expansion is accelerating in parallel. JPMorgan believes that driven by fully utilized capacity and expedited premium pricing, its gross margin in the first quarter is expected to rise beyond expectations to 66.8%. TSMC will release its Q1 financial report on April 16.

Overseas Macro

A dangerous signal for U.S. stocks: retail investors are “not bottom-fishing anymore, they sell when prices rise”! U.S. retail investors are experiencing the most dangerous behavior reversal since 2020—they are no longer buying on dips, but instead steadily distributing shares on rallies. JPMorgan data show that in March, retail investors’ purchase volume fell by nearly 50% from the January peak. The energy sector saw even the largest single-week net outflows in history. Retail investors—once the “stabilizer” of U.S. stocks—are collectively moving into fixed income as a safe haven. Market support at the bottom is quietly breaking down.

The U.S. raises its oil price expectations for the next two years and expects Middle East countries to close 9 million barrels per day of oil production. According to the U.S. Energy Information Administration (EIA)’s Short-Term Energy Outlook, in March Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain together reduced crude oil output by 7.5 million barrels per day. The EIA expects this figure will rise to 9.1 million barrels per day in April. The EIA expects that Brent crude, the global benchmark, will average around 115 U.S. dollars per barrel in the second quarter of 2026, which is 24 U.S. dollars higher than last month’s forecast; the average price for the full year is expected to be 96 U.S. dollars per barrel.

Oil is being rushed to buy worldwide, and the U.S. crude oil premium hits a record high. With the Strait of Hormuz effectively closed, Middle East crude supply abruptly cut off, and refiners in Asia and Europe scramble for alternative sources. WTI spot crude’s premium surged to a historical high of 30–40 U.S. dollars per barrel, and it even unusually overtook Brent. U.S. state-owned refineries are squeezed on both sides—they not only need to ensure supply but also bear the cost of purchasing at such high prices. Traders said bluntly: buying refined products may be more cost-effective than refining.

A cloud of concern over the Hormuz blockade: Saudi Arabia’s March oil revenues rose instead of falling by 4.3%, and Iran increased by 37%. Under the threat of a Hormuz blockade, the fate of Middle East oil-producing countries diverged sharply. In March, Saudi Arabia’s oil revenue grew by 4.3% despite the downturn, thanks to oil sent via bypass pipelines. Iran rose 37% as oil prices surged. Iraq, which heavily depends on the strait route, suffered the worst decline of -76%. Geography has become a decisive variable for wealth redistribution in this crisis.

Exclusive reports by foreign media: Japan’s government fuel subsidies burn about 600 billion yen per month, and the funds could run out in up to three months. Japan’s fuel subsidy crisis is imminent—subsidy spending as high as 600 billion yen per month has put the government’s finances in a tight spot, and existing funds can support at most three months. Combined with pressure from summer electricity bill subsidies, monthly consumption could climb to 900 billion yen. A ruling LDP senator said, “The era of cheap imported Middle East oil has ended,” warning that long-term subsidies will raise government debt, weaken the yen, and accelerate inflation.

Two major copper smelters in Iran may be shutting down, adding more uncertainty to Middle East supply. The combined annual capacity of the two smelters exceeds 370k tons. Compared with oil-and-gas facilities, the metals smelting industry relies more heavily on stable operating conditions. Once the power grid, logistics, or security conditions worsen, companies are often forced to “shut down first,” making supply-side shocks more sudden and less predictable. A recent Goldman report suggests that energy shocks may suppress demand, and copper prices face downside risks.

A supply shock that is being ignored: 70% of Iran’s steel production capacity may evaporate. Israel launched strikes against Iran’s steel plants, reportedly destroying 70% of its capacity—more than 20 million tons of annual capacity instantly disappears. Citi warned that this is a structural supply gap that the market has seriously underestimated: net exports of 9 million tons would quickly exit global trade flows; global steel prices would face upward pressure; coking coal demand could additionally spike by 6–7 million tons; and the supply-demand imbalance could persist for several quarters.

Overseas Companies

Report: SpaceX has locked in details for its IPO, planning to begin roadshows in June. SpaceX has been reported to have disclosed key IPO details to its underwriting team. It plans to launch the roadshow in the week of June 8, targeting 75 billion U.S. dollars in fundraising, with a valuation up to 1.75 trillion U.S. dollars—poised to become the largest IPO in history. The biggest highlight lies in the allocation for retail investors: the CFO has clearly stated that the retail allocation percentage will exceed that of any IPO in history, and on June 11 it will also host a dedicated session for 1,500 retail investors. The prospectus is expected to be made public in late May.

Unpacking Altman’s other side: lies, power plays, and a trillion-dollar bet. As OpenAI pushes for a trillion-dollar valuation, its leader Altman is stuck in a “trust crisis” over alleged lying. As the company embraces capital and enters sensitive areas, the “safety” bottom line has been quietly stripped away. When the ultimate key to AGI is entrusted to an ambitious person roaming between reality and fiction, what will humanity face—genius that changes the world, or an unverifiable grand con?

Intel enters Musk’s “Terafab,” teaming up to build a 1-terawatt-class AI computing empire. Intel officially announced it is joining Musk’s “Terafab” project, partnering with SpaceX, Tesla, and xAI to build a goal of 1 terawatt of AI computing power per year. This move may open an important window for Intel’s long-sought foundry business. However, the collaboration details remain vague, and the market will wait to see if it can truly take shape.

Amid a crisis in the private credit market, Blackstone’s opportunistic credit fund raised 1.87B dollars and received oversubscription. Blackstone Group raised 10 billion U.S. dollars for its latest opportunistic credit fund, showing that institutional investors’ enthusiasm remains high even amid turbulence in private credit markets. This is the largest opportunistic credit fundraising by Blackstone in its history.

Industry / Concepts

1. Offshore wind power | According to a report by the Shanghai Securities News, on April 7, China Huaneng announced that the Shandong Peninsula North Offshore Wind Power project in the northern Yellow Sea achieved full-capacity grid connection and power generation that day. This is China’s deepest-water offshore wind power project, marking new breakthroughs in key areas such as operating in far offshore complex environments, integrating large-capacity turbine units, and high-precision intelligent construction. The project has a total installed capacity of 504k kilowatts. It installs 42 wind turbines of 12 megawatts each. The site’s center is about 70 kilometers offshore, with a water depth of 52 to 56 meters. It is the deepest-water commercial offshore wind power project in China, with annual generation of about 1.7 billion kilowatt-hours. It can save about 500k tons of standard coal each year.

Commentary: Analysts believe European offshore wind power is in a favorable upcycle driven by a “triple push”: policy strengthening, enhanced energy security, and supply-chain reshaping. The industry’s mid-to-long-term growth logic is further solidified. In the short term, escalating Middle East conditions lift oil and gas prices, reinforcing the urgency for Europe to reduce reliance on fossil fuels. In the mid-to-long term, the EU and individual countries continue to step up offshore wind policies and funding. Combined with that local supply-chain bottlenecks have not yet been resolved, and under global division of labor, equipment import demand keeps being released, benefiting China’s offshore wind industry chain for going global that has cost and delivery advantages.

2. Domestic chips | According to a report by the Shanghai Securities News, Guomin Technologies released a price adjustment notice stating that recently, the costs of core raw materials such as wafers and packaging materials have continued to rise significantly. After careful assessment, the company decided to raise prices of some products by 15%–20% starting from April 7, 2026. According to materials, Guomin Technologies is a company centered on MCU and chip design. Its product portfolio covers MCUs, security chips, trusted computing chips, Bluetooth chips, and RCC and other products.

Commentary: Research institutions believe the importance of advanced packaging equipment will continue to rise in the future semiconductor industry. Leading equipment manufacturers are deepening their layout, and some of the top semiconductor equipment companies are focusing their efforts on product breakthroughs in advanced packaging equipment. Overall, domestic companies have achieved multiple breakthroughs in key components of semiconductor equipment, and the domestic semiconductor equipment parts and supply chain system is expected to be continuously improved.

3. Complete vehicles | According to a report by the Shanghai Securities News, since the outbreak of the Middle East war for more than a month, the impact on Japan’s auto industry has continued to expand. Not only have imports of raw materials such as naphtha been hindered, leading to pressure on auto parts production and price increases, but complete-vehicle production has also been forced to reduce output or shut down. According to statistics from market service provider Clipper (Keppler), in March, imports of petroleum products such as naphtha into Japan fell by about 30% versus the previous month. As an important chemical feedstock, tight naphtha supply directly leads to shortages of raw materials for producing plastic parts such as ethylene. Tire production’s base materials—1,3-butadiene and synthetic rubber—have also risen sharply.

Commentary: Analysts said that this year’s March rebound in domestic demand progress is ahead of expectations, and the trend of full-year complete-vehicle price increases has been confirmed. Higher oil-and-gas prices have helped drive domestic EVs to recover earlier. Overseas EV attention has increased significantly, and overseas vehicle pricing may be reshaped. Looking forward 1–2 years, sales growth rates may return to positive. Expansions in lithium carbonate capacity may drive price declines. The pace of overseas expansion may be accelerated. This year’s first quarter has already become a fundamental low point in nearly two years, and the complete-vehicle industry may achieve a valuation re-rating.

4. Commercial space | According to a report by Securities Times, according to people familiar with the matter, SpaceX detailed its highly anticipated IPO plan at a meeting with a team of bankers on Monday evening. The plan is to allocate most shares to retail investors, and it will host 1,500 retail investors during the June activities after the IPO roadshow kicks off.

Commentary: Analysts believe SpaceX plans to publicly release its IPO prospectus in late May. If this IPO succeeds, it is expected to become the largest initial public offering in history, with SpaceX’s valuation potentially reaching 1.75 trillion U.S. dollars. The company’s core business support is strong: in 2025, its number of orbital launches remains among the global leaders, and its Starlink business performance is outstanding. Domestic commercial space is also accelerating: more than ten companies including Blue Arrow Space are pushing for IPOs; low-orbit constellation plans are being strengthened; and reusable rockets are entering a dense period of first flights. The commercial space sector will see a concentration of catalytic events in 2026, creating investment opportunities from industry growth and event catalysts.

5. Computing power | According to a report by Securities Times, from April 9 to 11, the 2026 Third AI Computing Power Industry Conference and Exhibition will be held in Shenzhen. The conference’s theme is “Computing Power Leads the Way, Empowering Hundreds of Industries.” It will bring together top domestic and international companies, industry experts, and media partners to witness the vivid practice of AI computing power enabling every sector.

Commentary: Analysts believe that with the rapid evolution of artificial intelligence technology, computing power has become the core engine driving the development of the digital economy. Under the “Artificial Intelligence +” action guidance, the conference will provide a panoramic presentation of innovation integration across vertical fields where AI is applied, including finance, healthcare, scientific research and education, intelligent driving, intelligent production, security and defense, as well as emerging AI glasses and the low-altitude economy. As major manufacturers step up their Agent and related application ecosystem builds, the use of Tokens is expected to enter a phase of simultaneous growth in both volume and price. Large cloud service firms both at home and abroad have announced price increases, and products and services related to AI computing power are expected to continue the uptrend.

6. High-temperature superconductivity | According to a report by China Securities Journal, on April 7, Microsoft officially announced that with the rapid development of AI technology and data-intensive computing, highly efficient and reliable power supply has become critical. Against this backdrop, high-temperature superconductivity (HTS), as a disruptive innovation, is emerging, and Microsoft is actively getting involved, striving to find the best solution for the ever-growing power demand of data centers while also improving operational sustainability. Microsoft has shared an HTS-based innovative architecture vision at relevant conferences and demonstrated the world’s first rack prototype driven by HTS.

Commentary: Analysts said that high-temperature superconducting materials allow current to transmit with “zero resistance.” This makes them highly advantageous in power transmission. Compared with traditional copper or aluminum cables, HTS cables are lighter and thinner, do not heat up during power transmission, produce no voltage drop, and can greatly improve energy efficiency while breaking the limitations of transmission distance. From a more macro perspective of the power grid, HTS systems can stabilize voltage and have the ability to limit fault currents, enhancing power supply stability. At the same time, the physical space they require is small, reducing the “social footprint” of power infrastructure and enhancing grid resilience.

7. Hydrogen energy | According to a report by China Securities Journal, on April 7, a megawatt-class hydrogen-fueled aero turboshaft engine AEP100 developed independently by the Hunan Institute of Power Machinery under the China Aviation Engine Group successfully completed its maiden flight with a 7.5-ton-class unmanned transport aircraft equipped at the Lusong Airport in Zhuzhou, Hunan. This is the world’s first test flight of a megawatt-class hydrogen-fueled aero turboshaft engine.

Commentary: Analysts believe that China’s hydrogen energy industry is currently in the early stage of large-scale development, and future penetration in applications such as transportation is expected to accelerate. Hydrogen energy, as a secondary energy source with abundant supply, green and low carbon characteristics, and wide application scope, has become an important strategic choice for countries worldwide to speed up the energy transition and upgrade and to cultivate new sources of economic growth. In recent years, China’s hydrogen energy industry has achieved a series of key breakthroughs, especially in areas such as electrolyzer manufacturing and commercial vehicle applications of hydrogen energy, setting benchmarks worldwide. A notice jointly issued by three departments on carrying out pilot programs for integrated hydrogen energy applications proposes that by 2030, in urban agglomerations, hydrogen energy will achieve large-scale application across diversified fields, helping hydrogen energy become a new economic growth point and supporting a comprehensive green transition in economic and social development.

8. Foldable screens | According to a report by China Securities Journal, Foxconn is currently trying to produce Apple’s first foldable-screen phone. On April 7, people in Apple’s supply chain said the design方案 for Apple’s first foldable-screen phone had long been set. At present, the project is being advanced normally. Trial production is an essential stage before official mass production. Generally, it must go through engineering validation, design validation, production trial production validation, and finally official mass production. Following the normal advancement plan, the product will be released this fall.

Commentary: Analysts said that Apple entering the foldable-screen market will significantly reshape the global foldable-screen market structure. Consumer demand is shifting from “trying it out for the novelty” to “practical value,” which will drive upgrades and innovation across the consumer electronics industry chain. As the technology keeps maturing and the ecosystem keeps improving, foldable-screen phones are expected to move from niche markets to mainstream consumer areas, bringing new growth momentum to the industry.

A Preview of Today’s Headlines

The final deadline set by Trump for Iran to reach an agreement.

The Secretary General of NATO will travel to the U.S. to meet with Trump.

The Fed will release minutes from its monetary policy meeting.

Fed Chair Daly’s remarks.

Eurozone February PPI.

Changes in the EIA crude oil inventory from last week in the U.S.

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