Market Overview
On Friday, rising expectations for the resumption of U.S.-Iran negotiations, a sharp surge in Intel's stock price after the release of its quarterly results, and the U.S. Department of Justice's dismissal of the criminal investigation into Powell collectively drove the S&P 500 Index up 0.8% and the Nasdaq Composite Index up 1.6%, with both indices hitting new all-time highs simultaneously. However, market breadth was poor that day, with 62% of S&P components falling; the strong market momentum was highly concentrated in the technology and semiconductor sectors, while defensive sectors such as healthcare came under significant selling pressure.
The Philadelphia Semiconductor Index rose 4.32% on Friday, setting a record of 18 consecutive days of gains, with a cumulative weekly increase of 10.02%. Intel's stock price soared as much as 28% intraday, and AMD's stock price jumped 14%. The healthcare sector fell about 1%, and Eli Lilly's stock price dropped about 4%, mainly due to the weak initial sales performance of the company's new weight-loss drug.
After the U.S. Department of Justice dismissed the criminal investigation into Powell, market expectations for interest rate cuts heated up, and the 2-year U.S. Treasury yield fell 4.5 basis points. The U.S. Dollar Index declined 0.32%, narrowing its cumulative weekly gain to nearly 0.4%.
Spot gold rose 0.29%, with a cumulative weekly decline of 2.52%; spot silver rose 0.36%, with a cumulative weekly decline of 6.43%. After the announcement of news related to Trump sending envoys, WTI crude oil prices fell more than 3% at one point, but still recorded a cumulative weekly increase of 16%.
In early Asian trading on Monday, S&P 500 Index futures and Nasdaq 100 Index futures both fell 0.3%, while international oil prices rose 1.5%, mainly due to the impasse in U.S.-Iran negotiations over the weekend.
News
China
The General Office of the CPC Central Committee and the General Office of the State Council clearly required internet platform enterprises and courier companies to reasonably determine the labor remuneration of the new employment groups.
The China Securities Regulatory Commission (CSRC) stepped up efforts to crack down on financial fraud, proposing to promote the organic connection of discovery, punishment, delisting, and investor protection, and strengthen the application of AI large models in financial fraud supervision.
A spokesperson for the Ministry of Commerce responded to reporters' questions regarding the passage of the MATCH Act and other bills by the U.S. House Committee on Foreign Affairs, addressing relevant export control issues.
Overseas
A shooting incident occurred in the hall of the White House Correspondents' Dinner. Trump was urgently evacuated and accidentally fell during the evacuation; the gunman was identified as a teacher and game developer. The U.S. Acting Attorney General stated that the gunman's target may have included Trump.
Trump announced the cancellation of the U.S. delegation's trip to Pakistan, saying "just call if you want to talk"; for its part, Iran stated that if the U.S. adopts a more moderate stance, a second round of negotiations may be held in the next few days. In addition, Iran stated that it has formulated a comprehensive management plan for the Strait of Hormuz, requiring passing ships to pay relevant fees with the rial as the preferred currency, while the U.S. military stated that it will continue to implement a full blockade on ships entering and leaving Iranian ports. Iran's foreign minister submitted a ceasefire proposal to Pakistan, and sources revealed that Iran's stance is tougher than during the first round of negotiations.
U.S. Senator Tillis stated that he is ready to advance the confirmation process for Kevin Warsh's nomination as Federal Reserve Chairman.
Indonesia's Finance Minister revealed that it is considering following Iran's example and charging "tolls" in the Strait of Malacca, a move that triggered urgent objections from Singapore and Malaysia, followed by a hasty denial by the Indonesian government.
Technologies related to Mythos have had an important impact on the field of "cybersecurity", and participating enterprises in the trial have called for strengthened protection of critical infrastructure.
Market Closing Quotes
European and American Stock Markets: The S&P 500 Index rose 0.80% to close at 7,165.08 points, hitting a new closing all-time high one trading day later, with a cumulative weekly increase of 0.55%; the Dow Jones Industrial Average fell 0.16% to close at 49,230.71 points, with a cumulative weekly decline of 0.44%; the Nasdaq Composite Index rose 1.63% to close at 24,836.599 points, hitting a new closing all-time high one day later, with a cumulative weekly increase of 1.50%. The European STOXX 600 Index closed down 0.58% at 610.65 points, with a cumulative weekly decline of 2.54%.
A-Shares: The Shanghai Composite Index closed at 4,079.90 points, down 0.33%; the Shenzhen Component Index closed at 14,940.30 points, down 0.69%; the ChiNext Index closed at 3,667.79 points, down 1.41%.
Bond Market: The yield on the 10-year U.S. Treasury benchmark fell 2.37 basis points to 4.3007%, with a cumulative weekly increase of 5.27 basis points; the yield on the 2-year U.S. Treasury fell 5.54 basis points to 3.7783%, with a cumulative weekly increase of 7.01 basis points.
Commodities: Spot gold rose 0.29% to 4,707.77 US dollars per ounce, with a cumulative weekly decline of 2.52%; spot silver rose 0.36% to 75.7085 US dollars per ounce, with a cumulative weekly decline of 6.43%; WTI crude oil futures for June delivery closed down 1.51% at 94.40 US dollars per barrel, with a cumulative weekly increase of 14.30%; Brent crude oil futures for June delivery closed at 105.33 US dollars per barrel.
Detailed News
Global Heavyweight News
China
The General Office of the CPC Central Committee and the General Office of the State Council issued relevant opinions, clearly promoting internet platform enterprises, courier companies and other entities to improve their employment management systems, popularize the use of labor contract and written agreement reference texts that adapt to industry characteristics and meet the needs of new employment groups, and reasonably determine rights and obligations in accordance with employment facts. At the same time, relevant enterprises are urged to reasonably determine the labor remuneration of new employment groups according to work tasks, labor intensity, etc., pay them in a timely and full manner, protect the rest rights and interests of new employment groups, and strengthen labor protection under special circumstances such as severe weather.
The CSRC recently deployed the 2026 special campaign to crack down on and prevent financial fraud of listed companies, strengthening the application of AI large models in financial fraud supervision. It is reported that the previous two rounds of special campaigns have handled 263 case clues, with fines and confiscations totaling more than 3.3 billion yuan, and 18 companies have been forced to delist. This campaign focuses on "early discovery, strong prevention, and optimized mechanisms", focusing on strengthening AI supervision applications, imposing severe penalties, consolidating the responsibilities of intermediaries, and improving long-term mechanisms, accelerating the formation of a market ecology where "no one dares to fraud, no one can fraud, and no one wants to fraud".
In response to the passage of the Multilateral Alignment of Controls for Hardware Technologies (MATCH Act) and other export control bills by the U.S. House Committee on Foreign Affairs on April 22, a spokesperson for the Ministry of Commerce responded. The spokesperson stated that China has noted the relevant situation and has always opposed any act of overgeneralizing national security and abusing export controls. If the relevant bills are finally enacted, they will seriously damage the international economic and trade order and severely impact the stability of the global semiconductor industrial chain and supply chain. China will closely monitor the progress of relevant legislation, carefully assess the impact on China's interests, and will resolutely take necessary measures to firmly safeguard the legitimate rights and interests of Chinese enterprises.
Overseas
On the evening of April 25 (local time), a shooting incident occurred at the White House Correspondents' Dinner. Less than 30 minutes after Trump entered the venue, five gunshots suddenly rang out in the lobby of the Washington Hilton Hotel. More than 2,000 guests at the scene took refuge in panic, and the Secret Service rushed to the stage to evacuate Trump. Trump later stated on social media that the suspect involved in the "security incident" had been arrested.
Trump accidentally fell during the evacuation. It is reported that the gunman was a teacher and game developer, and his target was U.S. government officials. When asked if the shooting was related to the U.S.-Iran war, Trump said "I don't think so", believing the suspect was a "lone wolf actor", but at the same time stated that further investigation was needed. In addition, Trump joked that if Secretary of State Rubio had told him about the risk of violence earlier, he might not have run for president; when asked "why are you always being assassinated", he said "assassins target big figures".
U.S. Acting Attorney General Branch stated on April 26 that a search warrant has been executed on the suspect in the White House Correspondents' Association Dinner shooting, and that the suspect's target was government officials, which may include U.S. President Trump. In an interview with NBC's "Meet the Press", Branch revealed that the suspect had purchased two guns in the past few years, took a train from Los Angeles to Washington via Chicago before the incident, and stayed at the hotel where the dinner was held, and was initially judged to have acted alone. According to U.S. media reports, the suspect was named Cole Allen, 31 years old, from California.
Trump recently announced the cancellation of the U.S. delegation's trip to Pakistan, accusing the Iranian leadership of internal chaos and stating that the U.S. "holds all the cards" and that Iran can "just call if it wants to negotiate". Iran, on the other hand, insisted on a tough stance, emphasizing that negotiations must proceed on its own terms, but at the same time stated that if the U.S. softens its stance, a second round of negotiations may be held within a few days. In addition, Iran's Deputy Speaker stated that the Supreme Leader has ordered that the Strait of Hormuz should not return to its pre-war state, adding variables to the regional situation.
The Iranian government announced that it has formulated a comprehensive management plan for the Strait of Hormuz. In the future, passing ships must not only obtain Iranian permission and pay "tolls", but ships from Israel and other hostile countries are completely banned. Ships passing through this area must pay relevant fees for safety, environmental protection, shipping management, license issuance and other matters, with the rial as the preferred currency. In response, the U.S. military stated that it will continue to implement a full blockade on ships entering and leaving Iranian ports.
According to a report by Iran's Tasnim News Agency on April 26, Iranian Foreign Minister Araghchi traveled to Pakistan for consultations on the same day. In addition to discussing bilateral relations, he also delivered Iran's conditions for ending the war to Pakistan, including the implementation of a new legal system in the Strait of Hormuz, obtaining compensation, ensuring no further military aggression, and lifting the maritime blockade, and the negotiation conditions have nothing to do with the nuclear issue. According to Iranian media reports, Pakistani Army Chief of Staff Munir held talks with Araghchi on the same night.
A Pakistani official source told Xinhua News Agency reporters on April 25 that compared with the first round of negotiations, Iran has adopted a tougher stance, emphasizing that any plan to end the war must be implemented in accordance with Iran's conditions, not those proposed by U.S. President Trump.
There are reports that Iran's Supreme Leader may hold his first meeting with Putin, and he was reported to have been seriously injured in the U.S.-Israeli attack, with one leg having undergone three surgeries and an artificial limb to be installed, facial burns and difficulty speaking. Currently, Iran's Supreme Leader communicates through handwritten letters, and despite his injuries, he still firmly controls Iran's core power and key decisions through his deep ties with the Revolutionary Guards.
U.S. Republican Senator Tom Tillis stated that he will allow the Senate to proceed with the confirmation process for Kevin Warsh's nomination as Federal Reserve Chairman. Tillis said on NBC's "Meet the Press" program, "I am ready to move forward with the confirmation of Mr. Warsh, and I believe he will be an excellent Federal Reserve Chairman." This decision ended the months-long stalemate in Kevin Warsh's nomination and cleared the way for him to be confirmed by the Senate before Powell's term ends on May 15.
The U.S. Department of Justice suddenly dismissed the criminal investigation into Powell over the overspending on the Federal Reserve's renovation, transferring the matter to the Federal Reserve Inspector General's Office for handling. This move removed the opposition obstacles from key senators and paved the way for Trump's nominee Warsh to take over the Federal Reserve. After the news was announced, the 2-year U.S. Treasury yield fell sharply to 3.8%, and swap contracts showed that the market expects the Federal Reserve to implement a more substantial monetary policy easing before the end of 2026.
As Powell is about to step down, his successor Warsh plans to dismantle the "forward guidance" and dot plot, which means that the 15-year-old "foundation" of global asset pricing is facing adjustment, the certainty premium is ending, and the stock, bond and foreign exchange markets may be fully "unanchored", and an adjustment of the pricing model affecting all assets has quietly begun. With the FOMC meeting to be held this week, the countdown to the Federal Reserve's leadership change has begun, and the era of "no forward guidance" is expected to arrive.
Indonesia's Finance Minister revealed that it is considering following Iran's example and charging "tolls" in the Strait of Malacca. It is reported that the Strait of Malacca undertakes about 40% of global trade transportation volume. This move triggered urgent objections from Singapore and Malaysia, followed by a hasty denial by the Indonesian government. At the same time, blocked routes have led to a skyrocketing "queue-jumping fee" for the Panama Canal, and the world's shipping choke points are facing an unprecedented test.
In the early morning of April 30 Beijing time, the four major U.S. tech giants—Google, Microsoft, Meta, and Amazon—will release their financial reports collectively, and the booming AI industry ushered in a "moment of verification". It is reported that the total capital expenditure of the four giants is close to 600 billion US dollars, and funds continue to flow into AI infrastructure, but market patience is narrowing. In this financial report, investors are more concerned about actual performance such as accelerated cloud revenue, order landing, and un失控 profit margins. Whether these goals can be achieved will determine the subsequent market performance of the enterprises.
The artificial intelligence model related to Mythos has had a subversive impact on the field of "cybersecurity". Enterprises that have obtained access to Mythos stated that the model has driven a surge in software updates, which may expose national critical infrastructure to hacker attacks. Enterprises participating in the trial warned that relying solely on commercial institutions to respond is far from enough, and "joint action across the public and private sectors" is a necessary prerequisite for protecting critical infrastructure such as hospitals, banks, and public utilities.
Google announced that it will invest up to 40 billion US dollars in Anthropic, a move that completely ended the era of AI "Big Three" and formed a pattern of "duopoly" between Google and OpenAI. This layout is not only the underlying competition between ASIC and GPU computing power routes, but also puts Anthropic, which has gathered financial support from the four major giants, under pressure on OpenAI. In the second half of the AI industry, the ultimate competition of cash, computing power and ecology has officially begun.
Google Cloud CEO revealed that the 8th-generation TPU chip will be launched soon, which will be split into two lines: training (v8T) and inference (v8i). Google has built a structural competitive moat with more than ten years of self-developed chip accumulation. Against the background of global computing power shortage, Google's self-developed chips have greatly reduced the unit cost of model training and inference, and the current external demand has exceeded the supply limit. Google Cloud CEO Kurian warned that enterprises lacking self-developed chips and unable to cover training costs through inference will face the risk of capital exhaustion.
AI startup Cursor was "sold" to SpaceX for 60 billion US dollars, mainly due to the market squeeze from Claude and the survival crisis caused by high computing power costs. In this cooperation, Cursor can rely on SpaceX's massive server resources to break through development bottlenecks, while SpaceX can take the opportunity to strengthen its enterprise-level AI layout. This mutually beneficial cooperation is reshaping the competitive pattern of the AI industry.
Selected Research Reports
Currently, A-Shares are experiencing the second longest "clustering" market since 2007. According to a research report by CITIC Securities, after the end of the clustering market, excess returns often appear in non-popular industries with fundamental logic, rather than sectors "opposite" to popular industries. Currently, if an industry is seriously siphoned by AI hardware, it is likely that there are flaws in itself. For the market, the next thing to be vigilant about is the return of fundamental pricing funds and the continuous rise of energy and chemical commodity prices after the decline in commodity volatility. At that time, the market will begin to price the real economic impact caused by navigation disruptions, and the continuous price increase and unexpected profits caused by the supply-demand gap will become the core clues. Domestic supply-side policies should also not be ignored. "Energy conservation and carbon reduction" and "carbon peaking evaluation methods" are two key documents recently, whose introduction reflects the urgency of accelerating energy conservation and carbon reduction under the complex global geopolitical environment.
JPMorgan Chase issued a warning that there is a strange divergence in the global crude oil market: supply has plummeted, inventories have dried up, but oil prices have remained stable. JPMorgan Chase believes that the market supply-demand account has "become unbalanced", idle production capacity has completely failed, and if the market is to be finally cleared, there will be an unprecedented oil price storm, forcing Europe and the United States to significantly reduce consumption through extremely high prices.
The U.S.-Iran situation is intricate, but global tech stocks have ushered in an "explosive rise". Pasquariello, head of Goldman Sachs' hedge fund business, pointed out that although the S&P 500 has hit a new all-time high, the buying volume of systematic and active funds has obviously cooled down, and the internal structure of the market has become prudent. Potential inflation risks have re-emerged. It is recommended that stock longs configure both TIPS and forward Brent crude oil upside exposure, and overall maintain the strategy of "spot rising and volatility rising synchronously".
A research report by Goldman Sachs analyzed the impact of DeepSeek V4 on China's AI industry, believing that through architectural innovations such as mixed attention, the model has greatly reduced the cost of long-context inference, and its core significance lies in supporting the landing of complex agent applications at a lower cost. DeepSeek V4 has clearly bet on Huawei Ascend 950, and it is expected that the API pricing will drop significantly after mass production in the second half of 2026. Currently, the competition in domestic AI models is intensifying, and programming capabilities and multimodality have become the key to differentiated competition. Goldman Sachs maintains its overweight rating on cloud computing and data centers.
DeepSeek V4 is highly anticipated by the market and has become the "spear of attack" for domestic computing power, among which supernode technology has become a key breakthrough. DeepSeek's clear endorsement of Ascend 950 supernodes marks that domestic computing power is moving from "usable" to "easy to use". Huawei CloudMatrix 384 has a total performance 1.7 times higher than that of NVIDIA NVL72 through clustering, confirming the feasibility of the "winning by quantity" development path. Oriental Securities believes that 2026 will be the first year of large-scale deployment of domestic supernodes, and the entire industrial chain including switching chips, liquid cooling, server ODM, and power supply systems is expected to benefit significantly.
Multiple studies have shown that the global electric vehicle (EV) ownership is facing a "critical point", and the electrification transformation has the attribute of "self-driven and irreversible". In 2025, EVs accounted for a quarter of global new car sales, and UBS predicts that this proportion will rise to 58% by 2035. Technically, battery costs, cruising range and charging efficiency are approaching the "triple parity" with fuel vehicles. Despite short-term fluctuations, experts generally believe that the electrification transformation is irreversible.
Domestic Macroeconomics
DeepSeek released a new version after 5 months of development, during which it completed in-depth adaptation with Huawei's domestic Ascend chips, achieving high-throughput and low-latency inference deployment. According to Yuyuan Tan Tian, this is not only a new technological exploration, but also a signal of progress in China's AI in the field of software and hardware synergy. Although China currently does not have an advantage in chip process and single-card performance, through the advantageous arrangement of system design, cluster architecture, software and hardware synergy, and power consumption, it is exploring a new development path under existing conditions.
The Guojin Strategy team believes that after the AI market, the market has begun to face the real variable—the upward shift in energy prices. The easing of U.S.-Iran tensions once drove global stock markets to recover lost ground, and AI hardware became the core main line of the resonance between A-share certainty premium and industrial trends. However, as the probability of U.S.-Iran negotiations dropped sharply from 74% to 35% and global oil inventories were only about 37 days left, the market's "desensitization" window is closing. The upward shift in the energy price center has become a foregone conclusion, and opportunities in China's new and traditional energy, chemical manufacturing and RMB internationalization are emerging. The trading moment of the next scenario is approaching.
Domestic Companies
Moore Threads disclosed its 2026 Q1 performance, achieving a revenue of 738 million yuan, a year-on-year increase of 155.35%, and turning a profit, with a net profit of 29.36 million yuan in Q1, compared with a loss of 112 million yuan in the same period last year. During the reporting period, the company focused on the R&D and innovation of full-featured GPUs, and its products achieved large-scale landing, driving rapid revenue growth.
Overseas Macroeconomics
The U.S. Republican Party's midterm election prospects have become "significantly tight", and several Republican advisors have admitted that they will lose control of the House of Representatives in November, and the current strategic focus has shifted to retaining the Senate. It is reported that the setbacks in the constituency redistribution work, coupled with the impasse caused by the U.S.-Iran war and its continuous impact on the oil market, have led to the spread of frustration within the Republican Party. Strategists warned that midsummer is a key window for U.S. voters to form voting intentions, and the time left for the Republican Party to correct its course is extremely limited.
Driven by the dual factors of the AI wave and the U.S.-Iran war, the two most crowded trades on Wall Street have loosened. U.S. crude oil and semiconductor ETFs have experienced "historical-level capital outflows", and some investors have chosen to "cash out" after making profits. Among them, the crude oil ETF USO has outflowed nearly 1 billion US dollars this month, the highest since 2009; the semiconductor ETF SOXX has suffered the second largest single-week outflow in history after surging 50%. Analysts said that current investors are taking profits actively, and the market focus has shifted from fundamentals to position adjustment.
Azerbaijan's sovereign wealth fund (State Oil Fund) sold gold for the first time, selling more than 22 tons in Q1. It is reported that the fund is one of the world's largest sovereign gold buyers, and its investment policy requires that the proportion of gold in the investment portfolio shall not exceed 39% at most. At the end of 2025, due to the rise in gold prices, the proportion of gold reached 38%, and this sale was to maintain the compliant allocation ratio. Coupled with the simultaneous reduction of holdings by Turkey and other emerging market countries, the sovereign buying power that previously supported gold prices has shown a phased loosening.
Overseas Companies
The U.S. private credit market is under heavy pressure. Giants such as Blackstone, KKR, and Apollo face more than 4.4 billion US dollars of exposure due to defaults by software company Medallia and dental companies. High leverage and AI impact have accelerated default losses, and the non-performing rate of Blackstone's flagship fund has hit a record high. The market is worried that the "SaaS doomsday" will trigger a larger-scale default wave.
Nearly two months after the outbreak of the U.S.-Iran conflict, the European and American "military stock bull market" has ended ahead of schedule. Major global military stocks have generally fallen, showing the law of "buying expectations and selling reality". U.S. military giants such as Lockheed Martin and Northrop Grumman have pulled back from their highs, with nearly 1 billion US dollars of funds flowing out of defense ETFs; the European Defense Index fell the most in five years in March. Analysts pointed out that the core contradiction lies in the production capacity bottleneck restricting profit realization, and investors are also skeptical about whether the Trump administration's proposed plan to significantly increase the defense budget can be implemented.
Industries/Concepts
1. CPU丨According to Securities Times, on April 24 (local time), Intel released its 2026 Q1 financial report, with revenue of 13.6 billion US dollars, a year-on-year increase of more than 7%, and net profit of 156% year-on-year, significantly exceeding market expectations. Affected by this, Intel's stock price closed up 23.6% last Friday, driving the entire sector up. Intel's Q1 performance was outstanding, with the core driving force coming from the re-understanding and strong growth of market demand for CPUs in inference and edge computing under the AI wave. As AI applications move from the training phase to inference and Agent AI deployment, the role of CPUs as the core scheduler of the system has begun to be re-evaluated.
Comment: Analysts believe that in the current evolution of the AI industry, the demand for CPUs is expected to grow rapidly, and the supply constraints are expected to drive up CPU prices. The market currently underestimates the sustainability of CPU price increases. Domestic CPU manufacturers are also expected to seize opportunities and benefit in the wave of AI development.
2. Artificial Intelligence Large Models丨According to Securities Times, after the release of DeepSeek-V4, the world's top Agent open-source project OpenClaw quickly released a version update, officially completing the full adaptation of the two versions of DeepSeek-V4 Flash and Pro. As a benchmark open-source agent closely watched by global developers, OpenClaw's core model replacement this time marks that DeepSeek-V4 has officially entered the mainstream underlying base for global agent development.
Comment: DeepSeek-V4 has made in-depth optimizations for key capabilities such as agent autonomous decision-making, tool calling, and long-chain task execution, achieving significant improvements in context-carrying capacity, logical reasoning, and complex coding capabilities, and is more suitable for cutting-edge application scenarios such as automated workflows and autonomous task execution. The landing of this adaptation will not only quickly expand DeepSeek's penetration in the global open-source ecosystem, further compress the market advantage of overseas large models, but also greatly reduce the calling cost and deployment threshold for developers to build high-performance AI agents. In the context of fierce global competition in large models, this progress means that domestic large models have continuously increased their voice in the Agent track, and the industry pattern is ushering in a new round of reshaping.
3. Optics丨According to China Securities Journal, to break through the key technical bottlenecks of optical wavelength quantum measurement traceability in China and achieve independent control in this field, the State Administration for Market Regulation recently organized a domestic scientific and technological team to successfully develop and approve the establishment of a national optical wavelength quantum benchmark. This effectively solves the pain points of the traditional single-point wavelength benchmark, such as narrow measurement range and insufficient accuracy, making China the third country in the world to independently develop and complete multi-wavelength synchronous locking, with the overall technology reaching the international advanced level.
Comment: The establishment of this benchmark marks that China has built a new generation, quantum-based, and systematic optical wavelength value transmission system, providing an indispensable underlying technical guarantee for development fields related to national technological sovereignty and security, such as high-end equipment manufacturing, Beidou navigation, optical fiber and next-generation communication (6G), and quantum sensing. The series of optical wavelength measurement methods proposed by the team will provide a complete optical wavelength traceability plan for the national integrated circuit industry, promote its application in the semiconductor industry, and help the manufacturing of chips with 5nm and below processes; it will also provide nanometer-level precision wavelength calibration for high-end equipment such as EUV lithography machines, break through the "chokepoint" link, and promote the development of domestic high-end lithography technology and measuring instruments.
4. Energy Storage丨According to China Securities Journal, on April 25, China's first million-cubic-meter salt cavern hydrogen storage demonstration project was officially put into operation in Pingdingshan City, Henan Province, marking that China's hydrogen energy "production-storage-transportation-utilization" has entered a new stage of industrialization. Academician Yang Chunhe of the Chinese Academy of Engineering stated at the commissioning ceremony held on the same day that the million-cubic-meter salt cavern hydrogen storage demonstration project has filled the gap in China's large-scale salt cavern hydrogen storage technology, achieving a breakthrough from 0 to 1 in this field.
Comment: Compared with high-pressure gaseous hydrogen storage (steel cylinders) and liquid hydrogen storage, salt cavern hydrogen storage is regarded by the industry as the best path to solve large-scale and long-term energy storage, with obvious advantages: large scale, low cost, and extremely high safety. Unlike batteries that can only store energy for a short time, salt caverns can store hydrogen during peak wind and solar power generation periods and use it during dry seasons or windless periods, realizing cross-seasonal balance of energy. Salt cavern hydrogen storage is expected to become the "ballast stone" of national energy security. It can not only absorb the unstable wind and solar green power in the west, but also transport hydrogen through pipelines, and even realize natural gas blending with hydrogen, providing a deep decarbonization plan for industry and transportation.
5. Chemical Industry丨According to China Securities Journal, the research team of the Technical Institute of Physics and Chemistry of the Chinese Academy of Sciences has recently made new breakthroughs in the high-value utilization of waste plastics. Through the newly developed photocatalytic technology, it has realized the transformation of waste polyester (PET) plastics and industrial waste gas sulfur dioxide into valuable organic sulfur compounds, especially hydroxymethanesulfonate (HMS). This important research achievement in the field of photocatalysis provides a new strategy for the synthesis of organic sulfur compounds, opens up a new way for the high-value transformation of waste plastics, and enriches the product spectrum of polyester upgrading and recycling.
Comment: Photocatalytic technology has the characteristics of green and mild reaction, which can in-situ activate and generate redox active species under normal temperature and pressure, providing a new path for the green synthesis of fine chemicals. This technology is expected to be combined with the existing plastic recycling system to form a complete ecological chain of "raw materials-catalysts-equipment-chemical industry-energy", providing an innovative solution for solving plastic pollution and industrial waste gas treatment.
6. Marine Economy丨According to Shanghai Securities News, the executive meeting of the State Council held on April 24 pointed out that it is necessary to improve the ability to govern the ocean, efficiently develop and utilize the ocean, promote the high-quality development of the marine economy, and accelerate the construction of a maritime power. The meeting clarified that it is necessary to strengthen the marine strategic scientific and technological forces, strengthen marine scientific and technological innovation, and promote the digital and intelligent transformation and upgrading of the marine field; it is necessary to strengthen, optimize and expand the marine industry, consolidate and enhance the status of advantageous industries, vigorously cultivate emerging industries such as marine biomedicine and new materials, and orderly develop marine energy resources.
Comment: At present, the industrial scale of China's marine economy is quite considerable. According to the "2025 China Marine Economy Statistical Communique" released by the Ministry of Natural Resources, the preliminary calculation shows that the national marine gross product in 2025 was 11.018 trillion yuan, an increase of 5.5% over the previous year, accounting for 7.9% of the gross domestic product, an increase of 0.1 percentage points over the previous year. Research institutions believe that advantageous marine economy industries such as shipbuilding and offshore wind power are currently highly prosperous and have great development potential.
7. Computing Power丨According to Shanghai Securities News, on April 24, the preview version of DeepSeek-V4 was officially launched and open-sourced simultaneously. This large model equipped with a new attention mechanism can not only achieve world-leading long-context processing capabilities, but also make innovative breakthroughs in model architecture. It is reported that DeepSeek-V4 has reserved all adaptation opportunities for domestic enterprises such as Huawei and Cambricon, and its goal is to promote the overall migration of the AI ecosystem from the CUDA ecosystem to domestic computing power ecosystems such as Huawei's CANN framework, further opening up a breakthrough for the large-scale application of domestic computing power. At present, domestic chip manufacturers such as Huawei Ascend, Montage Technology, and Cambricon have realized support for the new DeepSeek-V4 model.
Comment: Guosheng Securities believes that domestic model capabilities continue to improve, and adaptation with domestic computing power chips is gradually landing. With the nonlinear growth of Token quantity, the demand for inference chips is strong, and China is gradually building a closed loop from model to system to chip, with the demand for domestic computing power showing exponential growth. 2026 is a year of tight computing power supply. Currently, domestic chips are moving from the "usable" stage to the "easy to use" stage, and the core bottleneck lies in supply capacity. Design service manufacturers with supply advantages, third-party chip manufacturers, computing power base foundry manufacturers and supporting industrial chains are expected to usher in development opportunities.
Today's News Preview
1. Release of China's March industrial enterprises above designated size profit data;
2. Alibaba's HappyHorse will open for testing.
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