【Morning Report】The US and Iran receive ceasefire agreement proposals; new short-term trading regulation comes into effect today

Macroeconomic News

1、According to a report from the UK on April 6, a source said that the United States and Iran have received a proposal for a ceasefire agreement, which could take effect on the 6th. The source said that Pakistan has drawn up a framework proposal to end the conflict and has communicated with the US and Iran. The plan is intended to first achieve an immediate ceasefire, reopen the Strait of Hormuz, and then reach a final agreement within 15 to 20 days. The final agreement may include Iran’s commitment not to seek nuclear weapons in exchange for the lifting of sanctions and the unfreezing of frozen assets.

2、Iran has responded to Pakistan regarding the ending-war proposal submitted by the United States. Iran rules out the possibility of a temporary ceasefire, stressing that the conflict must be ended permanently, and calls for the drafting of a safe passage agreement for the Strait of Hormuz, post-war reconstruction, and the lifting of sanctions, etc. Trump’s assessment was that while the proposal is meaningful, it is not good enough.

3、To keep bank system liquidity sufficient, today (April 7), the People’s Bank of China will conduct CNY 800 billion worth of buyout-style reverse repos via fixed-amount and interest-rate bidding and a multiple-price bidding mechanism, with a term of 3 months (89 days). The maturity date will be July 5, 2026 (postponed to the next business day if it falls on a holiday).

4、Nine departments, including the Ministry of Commerce, have jointly issued the 《2026 Work Plan for Upgrading Services Consumption and Benefiting the People through Actions》. The 《Work Plan》 proposes 64 specific tasks and initiatives across six areas, including improving policy support, innovating consumption scenarios, building platform carriers, expanding opening up to the outside world, strengthening standards guidance, and optimizing the consumption environment. Focusing on traditional services consumption areas such as dining, accommodation, elderly care and childcare, cultural and entertainment tourism, and sports and health, as well as new growth areas such as housekeeping services, online audio-visual, inbound consumption, and performance services, it will coordinate efforts from both the supply and demand sides to build a number of new consumption scenarios that have a broad impact and high visibility.

5、China’s March foreign exchange reserves data will be released today. Previously, China had been increasing its gold holdings for 16 consecutive months.

Industry News

1、At 24:00 today, the domestic refined oil pricing adjustment window will open. Institutional forecasts indicate that, according to the domestic refined oil pricing mechanism, on April 8 the corresponding refined oil price increase will be around CNY 130 per ton, and a sixth increase within the year will take place then.

2、Today, the CSRC’s 《Several Provisions on the Regulation of Short-Term Trading》 has formally taken effect. Based on a systematic review of domestic and foreign legislation, judicial practice, and regulatory practice, the 《Provisions》 addresses market concerns and further clarifies regulatory arrangements related to short-term trading by major shareholders and directors, supervisors, and senior executives.

3、The Ministry of Commerce and six other departments have issued guidance on better serving the real economy and promoting high-quality development of e-commerce. It mentions supporting leading e-commerce companies to increase R&D investment, strengthen core technology breakthroughs in key areas, and build an innovative ecosystem of “industry-research collaboration and learning-to-application transformation.” Develop “artificial intelligence + e-commerce,” guide e-commerce companies to strengthen the R&D and application of technologies such as AI large models, optimize the customer 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 a major breakthrough in 《Nature Energy》: the team successfully developed a polymerizable self-protecting nonflammable electrolyte (PNE). For the first time globally, it achieved a complete interruption of thermal runaway in an attohms-level sodium-ion battery. When the battery temperature rises abnormally to above 150°C, the PNE automatically solidifies from liquid into a dense barrier, “like building an intelligent firewall inside the battery,” completely cutting off the propagation path of thermal runaway.

5、According to information from the Ministry of Commerce, during the Qingming Festival holiday, many places implemented consecutive spring breaks, strongly releasing consumer demand and injecting momentum into the spring consumption market. According to big data from the Ministry of Commerce, during the Qingming Festival holiday, the daily average sales revenue of key retail and catering enterprises nationwide increased year on year by 2.4%. For the 78 pedestrian streets (business districts) monitored by the Ministry of Commerce, passenger flow and revenue increased by 6.0% and 6.7%, respectively.

6、AEP100 megawatt-class hydrogen fuel aviation turboshaft engine developed independently by the Hunan Power Machinery Research Institute of COMAC Aviation Engine Corporation Group was successfully test-flown with a 7.5-ton-class unmanned transport aircraft at Zhuzhou Lusong Airport. Experts from COMAC Aviation Engine Corporation Group said that in the future, as the cost of producing green hydrogen continues to decline, the economic advantages of hydrogen-powered aviation and the advantages in energy security will gradually become evident.

7、According to the latest data calculations from OpenRouter, last week (from March 30 to April 5), China’s weekly call volume for AI large models rose to 12.96 trillion Tokens, up 31.48% from the previous week. China’s weekly call volume of AI large models has grown for five consecutive weeks, and has surpassed the United States for five consecutive weeks.

8、At the 2026 Space Computing Power Industry Conference, the “Space Computing Power Professional Committee” within the space computing power industry development formation team was established. On the day of the conference, ten key research-and-development focused projects were released, including satellite platform-level, chip-level, payload board-level, networking operations-level, hardware system-level, system software-level, industrial application-level, cross-structure-level, cross-launch vehicle rocket-level, and cross-thermal management-level key technologies. The projects will work together with industry stakeholders to carry out collaborative breakthroughs.

9、The Middle East conflict has caused disruptions to shipping through the Strait of Hormuz, leading to a sharp spike in global shipping costs and a rapid increase in war-risk insurance premiums for vessels. In addition, shipping companies also need to consider freight rates. Industry insiders said that freight rates have already risen by 11 to 12 times. Insurance and routing costs are being transmitted layer by layer, continuously undermining global trade and supply chain security.

10、A reporter from CGBD NiuZi (CNS) learned from people in the industrial chain that Foxconn has been conducting trial production of Apple’s foldable-screen iPhone devices. In 2025, the reporter learned from supply-chain companies that the shipping target guidance Apple provides to suppliers is that the first foldable-screen phone will be launched in the second half of 2026, and it is a large foldable-screen iPhone.

Company News

1、Hengxin Dongfang announced that, due to false records in its 2022 annual report, it has been placed under other risk warning measures. The stock abbreviation has been changed from “Hengxin Dongfang” to “ST Hengxin Dongfang.” The company’s shares will be suspended for one day starting from the opening of trading on April 7, and will resume trading starting from the opening of trading on April 8.

2、Guangsheng Tang announced that the company’s stock has seen cumulative closing price increases with deviations from the value exceeding 30% over three consecutive trading days from April 1, 2026 to April 3. This falls under abnormal stock price fluctuations in stock trading. The company’s hepatitis B innovative drug is still in the R&D stage.

3、Haitai Tech announced that the company is planning to issue shares and pay cash to purchase assets, and at the same time plans to issue shares to raise supporting funds. The target company of this transaction is Qingdao Xuyu Geotechnical Materials Co., Ltd., a company listed on the National SME Share Transfer System. The company’s shares will be suspended from the time trading begins on April 7, 2026.

4、Hangjin Technology announced that, due to the company’s alleged violations and irregularities in information disclosure, the CSRC has decided to file a case against the company in accordance with relevant laws and regulations.

5、Zhunyou Co., Ltd. released a revised announcement on its 2025 performance forecast. It is expected that the total profit, net profit, and net profit after deducting non-recurring items for 2025 will all be negative, and that operating revenue after deduction will be below CNY 300 million. According to relevant regulations, if the above circumstances are true, after the company discloses its 2025 annual report, the company’s stock trading may be subject to risk warning for delisting.

6、Shandong Zhanggu announced that, due to false records in its 2024 annual report, it will be subject to other risk warning measures; the stock abbreviation has been changed to “ST Zhanggu.” The suspension will be for 1 day starting from the opening of trading on April 7, and trading will resume starting from the opening of trading on April 8, 2026.

7、*ST Guandian announced that, due to the company’s alleged violations and irregularities in information disclosure, etc., in accordance with laws and regulations including the 《Securities Law of the People’s Republic of China》 and the 《Administrative Penalty Law of the People’s Republic of China》, the CSRC has decided to file a case against the company.

8、Dongyue Silicium Materials announced that it expects net profit in the first quarter of 2026 to increase by 397.02%-451.34% compared with the same period last year. Since December 2025, influenced by improvements in market conditions and the industry supply-demand pattern, prices of major products in the organosilicon industry have risen and returned to a reasonable range; the gross margin of the company’s products has increased significantly.

9、E-CT Digital announced that, due to the company’s alleged violations and irregularities in information disclosure, in accordance with relevant laws and regulations, the CSRC has decided to file a case against the company.

Global Markets

Trump said that if Iran fails to “surrender” before 20:00 US Eastern Time on April 7, he will launch strikes on Iran’s civilian infrastructure; the US military would only need 4 hours to destroy Iran’s bridges and power plants. Iran could be defeated within a single night—perhaps the evening of the 7th.

NASA said it is conducting the ongoing crewed lunar flyby mission of “Artemis 2,” breaking the human record for the farthest flight from Earth ever achieved by the Apollo 13 lunar mission in 1970.

The US strikes against Iran could be escalated as early as Tuesday. International oil prices are rising. The WTI crude oil May contract settlement price closed at $112.41 per barrel, up 0.78%; the Brent crude oil June contract settlement price closed at $109.77 per barrel, up 0.68%.

Despite Trump increasing threats before his self-set deadline, all three major US stock indices still closed higher. The Nasdaq rose 0.54%, the S&P 500 rose 0.44%, and the Dow rose 0.36%. Among them, the Nasdaq and the S&P 500 both recorded a fourth consecutive day of gains. The storage chip sector moved higher; Seagate Technology rose more than 5%, Western Digital and SanDisk rose more than 3%. Popular US-listed China concept stocks saw mixed performances. The Liwomor US-listed China concept stock leading index closed up 0.16%. In the night session of the FTSE China A50 Index futures, it closed up 0.36%, at 14565 points.

Spot gold closed down 0.59%, at $4,648.83 per ounce; spot silver fell 0.15%, to $72.91 per ounce.

Investment Opportunity Reference

1、The downstream application pathways are gradually becoming clear; hydrogen energy may face a large-scale and commercialization turning point

According to media reports, due to heightened geopolitical tensions, international oil prices have surged recently, further highlighting the importance of new energy. Among them, hydrogen energy is highly regarded because it can both absorb upstream surplus green electricity and provide clean, efficient energy to downstream users.

Hydrogen energy is rising as a core hub to address both the dual challenges of energy security and deep decarbonization. On one hand, recent geopolitical turmoil has further exposed the vulnerability of energy supply chains. On the other hand, the decarbonization process is entering deep waters. “Hard-to-abate” areas such as industry, chemical industry, and transportation have become the main battlefield for carbon-reduction breakthroughs, and carbon-reduction targets are in turn accelerating the release of demand for hydrogen-ammonia-methanol. The downstream application pathways for hydrogen energy are gradually becoming clear; they will first break through in the transportation and chemical sectors with the lowest price sensitivity, and then proceed along the path of “green shipping, hydrogen-powered heavy trucks, chemicals, metallurgy, and energy storage.” Guotai Junan Securities said that, as an important component of the country’s future energy system, hydrogen energy is standing at a historical turning point toward large-scale and commercialization.

2、Disruptions have emerged in the supply of raw materials; some Japanese tungsten hexafluoride (WF6) suppliers plan to cut off supply

According to media reports, Japanese tungsten hexafluoride (WF6) suppliers, such as Kanto Denka and Central Glass Co., Ltd., have begun notifying Korean semiconductor companies including Samsung Electronics and DB HiTek that their supply of raw materials has been interrupted. It is understood that these tungsten hexafluoride suppliers will use existing tungsten inventories to maintain supply through May or June, but cannot guarantee supply for the second half of the year.

In the semiconductor manufacturing field, tungsten hexafluoride is mainly used as a key tungsten source and is widely applied in chemical vapor deposition (CVD) processes. Leveraging the excellent electrical conductivity, thermal stability, and high aspect ratio pore-filling capability of tungsten metal, tungsten hexafluoride can deposit and form dense, uniform tungsten thin films on the surface of silicon wafers. This thin film is used to build internal chip interconnect structures, serving the function of transmitting electrical signals, and has become an indispensable key material in the manufacture of highly integrated chips. From the perspective of global capacity layout, according to statistics from Zhiyan Consulting, the total global production capacity of tungsten hexafluoride is currently about 10,350 tons, of which mainland China’s capacity is 5,130 tons—accounting for more than half of the global total capacity—showing China’s important position in global supply chains.