Macro News 1. According to a report from the UK on the 6th, a source indicated that the United States and Iran have received a proposal for a ceasefire agreement, which could take effect on the 6th. The source stated that Pakistan has drafted a framework plan to end the conflict and has communicated it to the US and Iran. The plan proposes an immediate ceasefire and the reopening of the Strait of Hormuz first, followed by reaching a final agreement within 15 to 20 days. The final agreement may include Iran's commitment not to pursue nuclear weapons in exchange for the lifting of sanctions and the unfreezing of assets. 2. Iran has responded to the US proposal for ending the war via Pakistan. Iran ruled out the possibility of a temporary ceasefire, emphasizing the need for a permanent end to the conflict. It demanded the establishment of a safe passage agreement for the Strait of Hormuz, post-war reconstruction, and the lifting of sanctions. Former President Trump commented that the proposal, while meaningful, was not good enough. 3. To maintain ample liquidity in the banking system, the People's Bank of China will conduct an 800 billion yuan outright reverse repo operation today, April 7th. The operation will use a fixed quantity, interest rate tender, and multiple-price award method, with a maturity of 3 months (89 days), expiring on July 5, 2026 (subject to postponement in case of holidays). 4. The Ministry of Commerce and eight other departments recently jointly issued the "2026 Work Plan for the Action to Improve Quality and Benefit the People in Service Consumption." The plan proposes 64 specific task measures across six areas: improving policy support, innovating consumption scenarios, building platform carriers, expanding openness, strengthening standard leadership, and optimizing the consumption environment. Focusing on traditional service consumption areas like catering, accommodation, elderly and child care, culture, entertainment, tourism, sports, and health, as well as new growth areas such as domestic services, online audio-visual, inbound consumption, and performance services, the plan aims to drive progress from both supply and demand sides to create a batch of new consumption scenarios with wide impact and high visibility. 5. China's foreign exchange reserve data for March will be released today. Previously, China had increased its gold holdings for 16 consecutive months.

Industry News 1. The domestic refined oil product price adjustment window opens at 24:00 today. Institutions predict that, based on the domestic pricing mechanism, the price increase on April 8th will be around 130 yuan per ton, marking the sixth price hike this year. 2. Today, the China Securities Regulatory Commission's "Provisions on the Regulation of Short-Swing Trading" officially take effect. Based on a systematic review of domestic and international legislation, judicial practice, and regulatory experience, the provisions address market concerns and further clarify regulatory arrangements concerning short-swing trading by major shareholders, directors, supervisors, and senior management. 3. The Ministry of Commerce and five other departments issued guidance on better serving the real economy and promoting the high-quality development of e-commerce. The guidance mentions supporting leading e-commerce companies in increasing R&D investment, strengthening core technology research in key areas, and building an innovation ecosystem characterized by "industry-research collaboration and academic-practical transformation." It also advocates developing "AI + e-commerce," guiding e-commerce companies to enhance R&D and application of technologies like large AI models to optimize consumer experience, reduce operating costs, and improve distribution efficiency. 4. A team led by Hu Yongsheng at the Institute of Physics, Chinese Academy of Sciences, published significant results in *Nature Energy*: the team successfully developed a polymerizable non-flammable electrolyte (PNE) with self-protection capabilities, achieving complete prevention of thermal runaway in ampere-hour level sodium-ion batteries for the first time globally. When the battery temperature abnormally rises above 150°C, the PNE automatically solidifies from a liquid into a dense barrier, akin to building an "intelligent firewall" inside the battery, completely cutting off the path for thermal runaway propagation. 5. According to information from the Ministry of Commerce, during the Qingming Festival holiday, many regions implemented extended spring breaks, leading to a strong release of consumer demand and injecting vitality into the spring consumer market. Ministry of Commerce data shows that during the holiday, the average daily sales of key retail and catering enterprises nationwide increased by 2.4% year-on-year, while foot traffic and revenue in 78 key monitored pedestrian streets (commercial districts) increased by 6.0% and 6.7%, respectively. 6. The AEP100, a megawatt-level hydrogen-fueled aviation turboprop engine independently developed by the Hunan Power Machinery Research Institute of the Aero Engine Corporation of China, successfully completed its maiden flight installed on a 7.5-ton unmanned transport aircraft at Zhuzhou Lusong Airport. Experts from the corporation stated that as the cost of green hydrogen production decreases further in the future, the economic and energy security advantages of hydrogen aviation power will gradually become apparent. 7. According to calculations based on the latest OpenRouter data, the weekly call volume for Chinese AI large models rose to 12.96 trillion tokens last week (March 30 to April 5), an increase of 31.48% from the previous week. The weekly call volume for Chinese AI large models has increased for five consecutive weeks and has surpassed that of the US for five consecutive weeks. 8. At the 2026 Space Computing Industry Conference, the "Space Computing Professional Committee" under the Computing Industry Development Alliance was established. The conference released ten key research projects on the same day, covering critical technologies at various levels including satellite platform, chip, payload board, network operation, hardware system, system software, industrial application, cross-structure, cross-launch vehicle, and cross-heat dissipation. These projects will involve collaborative research efforts with industry players. 9. The Middle East conflict has led to disruptions in shipping through the Strait of Hormuz, causing a sharp surge in global shipping costs and a rapid increase in war risk insurance premiums for vessels. Additionally, shipping companies must consider freight rates, which industry insiders say have increased by 11 to 12 times. The layered transmission of insurance and rerouting costs continues to impact global trade and supply chain security. 10. A reporter learned from industry chain sources that Foxconn is trialing production of a foldable screen iPhone for Apple. In 2025, sources from supply chain companies indicated that Apple provided suppliers with a shipment target guidance for launching its first foldable phone in the second half of 2026, which will be a large foldable screen iPhone.

Company News 1. Hengxin Dongfang announced that due to false records in its 2022 annual report, it will be subject to Other Risk Warnings. Its stock abbreviation will change from "Hengxin Dongfang" to "ST Hengxin." Trading of the company's shares will be suspended for one day starting from the market open on April 7th and will resume on April 8th. 2. Guang Sheng Tang announced that its stock price cumulative deviation exceeded 30% over three consecutive trading days from April 1st to April 3rd, 2026, constituting an abnormal trading fluctuation. The company's innovative hepatitis B drug is still in the research and development phase. 3. Haitaike announced that it is planning an acquisition of assets through issuing shares and paying cash, alongside a proposed private placement to raise supporting funds. The target company is Qingdao Xuyu Geosynthetic Materials Co., Ltd., a company listed on the National Equities Exchange and Quotations system. Trading of the company's shares will be suspended starting from the market open on April 7, 2026. 4. Hangjin Technology announced that as the company is suspected of violating laws and regulations related to information disclosure, the CSRC has decided to initiate an investigation into the company pursuant to relevant laws and regulations. 5. Zhunyou Shares released a revised performance forecast for 2025, estimating that total profit, net profit, and net profit after non-recurring gains/losses will all be negative for 2025, and that post-deduction revenue will be below 300 million yuan. According to relevant regulations, if these conditions are confirmed after the disclosure of the company's 2025 annual report, the company's stock trading may be subject to a delisting risk warning. 6. Shandong Zhanggu announced that due to false records in its 2024 annual report, it will be subject to Other Risk Warnings. Its stock abbreviation will change to "ST Zhanggu." Trading will be suspended for one day starting from the market open on April 7th and will resume on April 8, 2026. 7. *ST Guandian announced that as the company is suspected of violating laws and regulations including those related to information disclosure, the CSRC has decided to initiate an investigation into the company pursuant to the Securities Law of the People's Republic of China, the Administrative Penalty Law of the People's Republic of China, and other laws and regulations. 8. Dongyue Silicone announced that it expects its net profit for the first quarter of 2026 to increase by 397.02% to 451.34% compared to the same period last year. Since December 2025, influenced by market conditions and improved supply-demand dynamics in the industry, the prices of main organic silicon products have risen and returned to a reasonable range, leading to a significant improvement in the company's product gross margin. 9. CETC Digital announced that as the company is suspected of violating laws and regulations related to information disclosure, the CSRC has decided to initiate an investigation into the company pursuant to relevant laws and regulations.

Global Markets Former President Trump stated that if Iran does not "surrender" by 8:00 PM ET on April 7th, he will launch strikes on Iran's civilian infrastructure, claiming the US military could destroy Iranian bridges and power plants within just 4 hours. He suggested Iran could be defeated overnight, possibly on the night of the 7th. NASA announced that the ongoing Artemis 2 crewed lunar flyby mission has broken the record for the farthest distance from Earth traveled by humans, previously set by the Apollo 13 mission in 1970. US strikes against Iran could escalate as early as Tuesday. International oil prices rose, with the WTI crude May contract settling at $112.41 per barrel, up 0.78%, and the Brent crude June contract settling at $109.77 per barrel, up 0.68%. Despite Trump ramping up threats ahead of his deadline, the three major US stock indices all closed higher. The Nasdaq gained 0.54%, the S&P 500 rose 0.44%, and the Dow Jones increased by 0.36%. Both the Nasdaq and S&P 500 recorded their fourth consecutive day of gains. The storage chip sector advanced, with Seagate Technology up over 5%, and Western Digital and SanDisk up over 3%. Popular Chinese stocks were mixed, with the Livermore China Stock Leaders Index closing up 0.16%. The FTSE China A50 index futures night session closed up 0.36% at 14,565 points. Spot gold closed down 0.59% at $4,648.83 per ounce; spot silver fell 0.15% to $72.91 per ounce.

Investment Reference 1. Downstream application paths are becoming clearer; the hydrogen energy industry may be approaching a turning point for scale and commercialization. Media reports indicate that due to tense geopolitical situations, international oil prices have risen significantly recently, further highlighting the importance of new energy. Among these, hydrogen energy is highly anticipated as it can both absorb surplus green electricity upstream and provide clean, efficient energy downstream. Hydrogen energy is emerging as a core hub for addressing the dual challenges of energy security and deep decarbonization. On one hand, recent international geopolitical turmoil has further exposed the fragility of energy supply chains. On the other hand, the decarbonization process is entering a deep-water zone. Industries, chemicals, transportation, and other "hard-to-abate sectors" have become the main battleground for carbon reduction, with carbon reduction targets forcing accelerated demand for hydrogen, ammonia, and methanol. The paths for downstream applications of hydrogen energy are gradually becoming clear, expected to break through first in price-insensitive areas like transportation and chemicals, progressing along the path of "green shipping, hydrogen heavy-duty trucks, chemicals, metallurgy, and energy storage." Guojin Securities points out that as an important part of the future national energy system, hydrogen energy is standing at a historical turning point for scale and commercialization. 2. Raw material supply disruptions; some Japanese tungsten hexafluoride suppliers plan to halt supply. Media reports indicate that Japanese tungsten hexafluoride (WF6) suppliers, such as Kanto Denka Kogyo and Central Glass, have begun notifying South Korean semiconductor companies, including Samsung Electronics and DB HiTek, of disruptions in their raw material supply. It is reported that these WF6 suppliers will use existing tungsten inventories to maintain supply until May or June but cannot guarantee supply for the second half of the year. In semiconductor manufacturing, WF6 is primarily used as a key tungsten source, widely applied in Chemical Vapor Deposition (CVD) processes. Leveraging tungsten's excellent conductivity, thermal stability, and high aspect ratio gap-filling capability, WF6 can deposit dense, uniform tungsten films on silicon wafer surfaces. These films are used to build internal circuit interconnect structures in chips, responsible for electrical signal transmission, making them an indispensable key material in high-integration chip manufacturing. Regarding global capacity layout, according to Zhiyan Consulting statistics, the current global total WF6 capacity is approximately 10,350 tons, with mainland China's capacity reaching 5,130 tons, accounting for over half of the global total capacity, demonstrating China's important position in the global supply chain.

Trading Halts and Resumptions [Trading Halt] 600355 *ST Jinglun 002598 Shandong Zhanggu 300081 Hengxin Dongfang 301022 Haitaike [Trading Resumption] 002686 Yili Da 000659 Zhuhai Zhongfu

Announcements Summary [Operating Data] Qiangyi Shares: Q1 net profit expected to increase 654.79%—761.6% year-on-year. Jin Qilin: 2025 net profit increased 47.95% year-on-year; proposed dividend of 4.5 yuan per 10 shares. Keli Equipment: 2025 net profit increased 3.33% year-on-year; proposed 3-for-1 stock dividend and 10 yuan per share cash dividend. Gemdale Group: 2025 loss of 13.281 billion yuan. Benxi Steel Plates: 2025 loss of 3.942 billion yuan. Jianghuai Automobile: 2025 loss of 1.703 billion yuan. Huayang New Material Earnings Report: 2025 loss of 5.7034 million yuan. [Hot Topics] Jinyao Pharmaceutical: The company's R&D focuses primarily on generic drugs; there are no innovative drug projects under development. Xinghui Huancai: If raw material prices fluctuate violently, the company may not be able to effectively mitigate cost pressure through conventional cost-pass-through mechanisms. Shuangta Food: EU anti-dumping investigation into Chinese pea protein; the company's涉案 product is subject to a dumping margin of 112.7%. Deke Li: The company's Optical Circuit Switch (OCS) products have not yet received bulk orders from overseas mainstream manufacturers. He Lin Wei Na: Re-submitted application for H-share issuance and listing to The Stock Exchange of Hong Kong Limited. [Refinancing] Laibao High-tech: Plans a private placement to raise no more than 2.5 billion yuan. Yuguang Gold & Lead: Plans a private placement targeting the controlling shareholder and others to raise no more than 1.839 billion yuan. Yabang Chemical: Plans a private placement to raise no more than 1.005 billion yuan. Gaole Shares: Plans a directed share issuance to raise no more than 854 million yuan for supplementing working capital. [Share Changes, Repurchases] Wuchan Zhongda: Plans to repurchase 200 million to 400 million yuan worth of company shares. NovaStar Cloud: Plans to repurchase 50 million to 100 million yuan worth of company shares. Moshao Technology: Controlling shareholder plans to reduce holdings by no more than 3% of the company's shares. [Major Investments] Xingfa Group: Plans to invest 1.381 billion yuan to build a 100,000 tons/year battery-grade lithium iron phosphate project. Zhongying Electronics: Plans a directed share issuance to the controlling shareholder to raise no more than 1 billion yuan for R&D and industrialization projects for mixed-signal chips, etc. [Other] *ST Jinbi: The performance commitment party of HANFEI Investment received the "Decision on Administrative Supervision Measures" from the Guangdong Securities Regulatory Bureau.