Eastmoney Financial Breakfast Tuesday, April 7

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**　　Trump news conference:**

U.S. President Trump held a news conference regarding the war situation with Iran. Trump said that the entire country of Iran could even be completely overwhelmed and wiped out overnight— and that night might be the evening of April 7. Regarding the operation to rescue U.S. military pilots, Trump said that 21 military aircraft took part in the operation to rescue the downed-aircraft pilots.

At a White House news conference, U.S. President Trump said that the U.S. military had “actually already drawn up a plan— once it is activated, within the four hours from 8:00 p.m. to midnight on the evening of April 7, U.S. Eastern Time, every bridge inside Iran will be completely destroyed, every power plant inside Iran will be completely paralyzed; engulfed in fire, explosions occurring, from then on they can no longer be used, and everything will be completely turned to rubble— and the entire process would only take a short 4 hours.”

U.S.-Iran situation:

According to a report from CCTV News, citing Reuters on the 6th quoting a source, the United States and Iran have received a draft proposal for a ceasefire agreement, and the proposal may take effect on the 6th. The source said that Pakistan had drafted a framework proposal to end the conflict and had communicated with the U.S. and Iran. Under the proposal, they would first achieve an immediate ceasefire and reopen the Strait of Hormuz, and then reach a final agreement within 15 to 20 days. The final agreement may include an Iranian commitment not to seek nuclear weapons in exchange for sanctions relief and the unfreezing of frozen assets.

And on April 5, local time, when U.S. President Trump spoke in an interview, he said the U.S. is currently engaged in “in-depth negotiations” with Iran, with hope of reaching an agreement before the April 7 final deadline set by it. Previously, Trump threatened that if he could not reach an agreement with Iran’s leaders, he would destroy infrastructure that is crucial to Iranian civilians.

According to a report on the 6th by Iran’s Islamic Republic News Agency, Iran has responded to Pakistan regarding the U.S. proposal to end the war. Iran ruled out the possibility of a temporary ceasefire, emphasizing that the conflict must be ended permanently. The report said that the response includes 10 clauses. The core content includes: emphasizing that the war must be ended permanently in accordance with Iran’s concerns; and putting forward a series of demands, such as ending conflicts in the region, formulating a safe passage agreement for the Strait of Hormuz, post-war reconstruction, and lifting sanctions.

U.S. President Trump responded to Iran’s response to the U.S.-proposed ceasefire offer. Trump said that the final deadline set for Iran to reach an agreement is Tuesday (the 7th). Trump also commented that Iran’s proposal is meaningful, but still not good enough. Trump also said that if it were up to him, he would “take the oil.”

Central bank reverse repos:

To keep ample liquidity in the banking system, on April 7, 2026, the People’s Bank of China will carry out 800 billion yuan of buyout-style reverse repo operations using a fixed quantity, interest-rate bidding, and multi-price award-and-winning method, with a term of 3 months (89 days). The maturity date will be July 5, 2026 (if it falls on a holiday, it will be deferred).

U.S. March nonfarm—far** beyond**** market expectations**:

U.S. March nonfarm employment numbers increased by 178,000, while the estimate was for an increase of 65,000; the prior value was a decrease of 92,000. The U.S. unemployment rate in March was 4.3%, forecast 4.4%, prior value 4.4%. The number of nonfarm jobs added in January was revised upward from an increase of 126,000 to an increase of 160,000; the number of nonfarm jobs added in February was revised downward from a decrease of 92,000 to a decrease of 133,000. After the revisions, the total number of jobs added in January and February was 70,000 lower than before the revisions.

Service consumption:

The Ministry of Commerce and 9 other departments recently jointly issued the《2026 Work Plan for Upgrading Service Consumption and Benefiting the People》. From six areas, including improving policy support, innovating consumption scenarios, building platform carriers, expanding opening-up to the outside world, strengthening standard guidance, and optimizing the consumption environment, the Work Plan proposes 64 specific task measures. Centering on traditional service consumption areas such as catering and accommodation, eldercare and childcare, cultural and entertainment tourism, and sports and health, as well as new growth areas such as housekeeping services, online audio-visual consumption, inbound consumption, and performance services, they will coordinate efforts from both the supply and demand sides to jointly build a number of new consumption scenarios with wide coverage and high visibility.

New energy** vehicle sales data**:

According to the Passenger Car Association, preliminary statistics show that from March 1 to 31, nationwide** passenger cars**** new energy**** market retail sales were 784,000 units, down 21% year on year, and up 69% from the previous month**. Cumulative retail sales this year were 1.844 million units, down 24% year on year; and wholesale sales were 1.126 million units for March 1 to 31 nationwide, up 0% year on year and up 56% from the previous month. Cumulative wholesale sales this year were 2.716 million units, down 5% year on year. From March 1 to 31, the new energy retail penetration rate in the nationwide passenger car market was 47.3%; from March 1 to 31, the new energy wholesale penetration rate among nationwide passenger car manufacturers was 48.6%.

Regulation of food delivery platforms:

On April 2, the State Administration for Market Regulation held an administrative guidance meeting for food delivery platform companies in Beijing, instructing three platform enterprises—Meituan, Taobao Flash Purchase, and JD—to strictly implement the 《Provisions on the Supervision and Administration of Food Safety Responsibilities for Network Food Catering Service Providers》 that is about to take effect. The meeting emphasized that food delivery platform companies must strictly control the review gate, management gate, and delivery gate, strengthen technology-enabled management, proactively integrate into the government’s regulatory system, transform from “passive coping” into “proactive docking,” and—by promoting “Internet+bright kitchens and clear stoves” and encouraging food delivery riders to participate in** food safety**** supervision**— jointly build a new pattern of social co-governance for food safety.

MIIT and** ZTE****, Xiaomi Group connect on planning:**

The electronic information manufacturing industry “15th Five-Year Plan” drafting group of the Department of Electronic Information of the Ministry of Industry and Information Technology has successively held special symposiums and research with**** ZTE**** Co., Ltd. and Xiaomi Group. Relevant persons in charge from ZTE Co., Ltd. and Xiaomi Group respectively provided special introductions on areas including chips, backbone networks, smart smartphone terminal devices, smart TVs, smart wearables, smart home systems, AI terminals, and digital transformation. Centering on the key development directions for the electronic information manufacturing industry during the “15th Five-Year Plan” period, ZTE and Xiaomi respectively proposed related opinions and suggestions.

Ma Xingrui investigated:

Central Politburo member and Deputy Head of the Central Leading Group for Rural Work, Ma Xingrui, is suspected of serious violations of discipline and law, and he is currently undergoing discipline review and supervision investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

Hot Topics

Sodium-ion batteries:

On April 6, a team from the Hu Yongsheng team of the Institute of Physics of the Chinese Academy of Sciences published a major breakthrough in 《Nature Energy》: the team successfully developed a polymerizable non-flammable electrolyte with self-protection functionality (PNE), for the first time globally achieving complete blocking of thermal runaway at the ampere-hour level in sodium-ion batteries. The team broke the traditional understanding that “flame-retardant electrolytes are equal to safety,” shifted away from a single line of defense, and built a three-in-one intelligent safety protection system of “thermal stability—interface stability—physical isolation.” When the battery temperature anomalously rises to above 150°C, PNE will automatically solidify from liquid into a dense barrier, like building an “intelligent firewall” inside the battery, completely cutting off the transmission path of thermal runaway.

Foldable screens:

A reporter learned on April 6 from people in the industry chain that Foxconn has already started trial production of Apple’s foldable-screen iPhone. In 2025, the reporter learned from supply-chain companies that Apple’s shipment target guidance to suppliers is for the first foldable-screen phone to be launched in the second half of 2026— a large-foldable-screen iPhone.

Shipping:

According to CCTV Finance, the conflict in the Middle East has caused shipping through the Strait of Hormuz to be disrupted, leading to a sharp surge in global shipping costs and a rapid increase in war-risk insurance premiums for ships. In addition, shipping companies also need to factor in freight rates; industry insiders said that freight rates have currently risen by 11 to 12 times. Insurance and detour costs are being transmitted in layers, continuously impacting global trade and supply-chain security.

Space computing power:

At the 2026 Space Computing Power Industry Conference, the “Space Computing Power Professional Committee” in the computing power industry development formation was established. On the day of the conference, ten major key breakthrough projects were released**, including satellite platform-level, chip-level, payload board-level, network operations-level, hardware system-level, system software-level, industry application-level, cross-structure-level, cross-launch-rocket-level, and cross-thermal management-level key technologies. The committee will work with the broader industry to carry out collaborative efforts to tackle breakthroughs.

Lithium** batteries:**

The General Office of the Ministry of Industry and Information Technology and the General Office of the All-China Federation of Supply and Marketing Cooperatives released the 《Notice on Further Strengthening the Construction of a Recycling and Utilization System for Lithium-ion Batteries for Electric Bicycles》. It mentions encouraging supply and marketing cooperatives at all levels to rely on existing recycling and utilization networks of renewable resources to guide supply and marketing cooperatives and lithium battery recycling and storage enterprises to standardize key links such as lithium battery recycling and storage, strengthen cooperation with** lithium battery**** comprehensive**** utilization enterprises, and do well**** lithium battery**** standardized**** comprehensive**** utilization**.

Hydrogen energy:

A megawatt-class hydrogen-fueled aero-turboprop engine AEP100, equipped with a 7.5-ton-class unmanned transport aircraft, independently developed by the Hunan Power Machinery Research Institute of the China Aviation Industry Corporation’s (AVIC) AE Group, successfully completed its maiden flight at Zhuzhou Lusong Airport. Experts from the AVIC (China) AE Group said that in the future, as the cost of producing green hydrogen further declines, the economic advantages and energy security advantages of hydrogen-based aviation power will gradually emerge.

OCS:

Recently, the General Office of the Ministry of Industry and Information Technology released the 《Notice on Carrying Out a Special Campaign to Empower the Development of Small and Medium-Sized Enterprises with Inclusive Computing Power》. It proposes that they will promote deployment of technologies such as all-optical switching, reduce network latency from computing-power application terminals to servers, and enhance the experience of application interaction. Meanwhile, a research report from Shanghai Securities stated that as one of the main lines in optical communications, OCS expansion is expected to reach an inflection point this year.

Cybersecurity:

Recently, monitoring by the Ministry of Industry and Information Technology’s Network Security Threat and Vulnerability Information Sharing Platform (NVDB) found that attackers used exploit tools targeting** Apple**** company end products to carry out cyberattack activities**, which could cause serious harms such as information theft and systems being controlled. It is recommended that users of Apple’s end products conduct risk assessments and remediation as soon as possible, including repairing vulnerabilities by upgrading versions and installing patches.

Company News

Yunnan Chiet Co.: Its holding subsidiary Yunnan Xinyao plans to implement the “High-Quality Indium Phosphide (InP) Single-Crystal Chip Construction Project.” The project plans a total investment of 189 million yuan. Yunnan Xinyao will expand capacity based on existing production capacity, and ultimately reach a production capacity of 450,000 chips per year (equivalent to 4-inch) of high-quality indium phosphide single-crystal chips.

Qiangyi Co., Ltd.: It is expected that in the first quarter of 2026, net profit attributable to shareholders of listed companies will be 106 million yuan–121 million yuan, up 654.79%–761.60% year on year. Note: In Q4 2025, net profit was 148 million yuan; based on this, Q1 net profit is expected to decline sequentially by 18.24%–28.38%.

Shandong Zhanggu Drum Co., Ltd.: The company and relevant parties received the 《Notice of Prehearing for Administrative Penalties》 issued by the Shandong Securities Regulatory Bureau. The company’s stock will be subject to other risk warnings starting from the opening of trading on April 8, 2026; the stock abbreviation will change from “Shandong Zhanggu Drum” to “ST Zhanggu Drum”. The stock code remains unchanged at “002598,” and the limit on daily trading price fluctuations will be 5%.

Zhunyou Co., Ltd.: Operating revenue is expected to be 270 million yuan–295 million yuan, while the company’s original forecast for operating revenue was 330 million yuan–360 million yuan. After deductions, operating revenue is 269.5 million yuan–294.5 million yuan, and the company’s original forecast after deductions was 327 million yuan–357 million yuan. The company expects that for 2025, its total profit, net profit, and net profit after excluding non-recurring items will all be negative, and its operating revenue after deductions will be below 300 million yuan. 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 delisting risk warnings (with “*ST” prefixed to the stock abbreviation).

Hangjin Technology: On April 3, 2026, the company received a 《Notice of Filing for Investigation》 issued by the China Securities Regulatory Commission. Due to the company’s alleged illegal violations in information disclosure, under relevant laws and regulations, the CSRC has decided to file a case for investigation of the company.

Hengxin Orient: On April 3, 2026, the company received from the Beijing Securities Regulatory Bureau a 《Notice of Prehearing for Administrative Penalties》. According to relevant regulations, the company’s stock trading will be subject to other risk warnings, but this does not involve the circumstance of major illegal compulsory delisting. The company’s stock will be suspended for one day starting from the market open on April 7, and will resume trading starting from the market open on April 8 while implementing other risk warnings.

Juguang Technology: The company recently received notice from AG, a certain well-known European automotive Tier1 customer. Since the original plan for the launched models for the laser radar’s end customers was officially canceled in the near term, the related component project will also be terminated. The above canceled targeted projects were originally planned to go into mass production in 2026. The expected demand during the project lifecycle was about 500,000 sets, and about 2,700 sets have been delivered so far. The project is still in the pre-mass-production preparation stage.

Bozhong Precision Machinery: As of March 31, 2026, the company’s total outstanding orders were 6.634 billion yuan, up 163.78% year on year. Of which: consumer electronics industry outstanding orders were 1.265 billion yuan, up 88.52% year on year; new energy industry outstanding orders were 4.177 billion yuan, up 144.13% year on year; semiconductor industry, automobile industry, and other outstanding orders were 1.192 billion yuan.

Xianhe Shares: The company received a notification from Wang Minglong, one of the company’s actual controllers, stating that he received a 《Notice of Filing for Investigation》 issued by the CSRC on April 3, 2026. Wang Minglong has been decided by the CSRC to be investigated for suspected short-swing trading.

E-Cetera Digital: The company recently received a 《Notice of Filing for Investigation》 issued by the CSRC. Due to the company’s alleged illegal violations in information disclosure, under relevant laws and regulations, the CSRC has decided to file a case for investigation of the company. At present, all of the company’s business operations are normal.

DekoLi: At present, the company’s OCS product is still in the sample stage; the OCS product requires a large overall investment and is still in an early stage. In the company’s financial budget and performance planning for the past two to three years, OCS products have not been included in expectations.

Dongyue Silicon Materials: It is expected that in the first quarter of 2026, net profit attributable to shareholders of listed companies will be 183 million yuan–203 million yuan, up 397.02%–451.34% year on year. Note: Dongyue Silicon Materials’ net loss in Q4 2025 was 22.1659 million yuan.

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Global Markets

Reports say the 45-day ceasefire plan is only “one of many options”: According to U.S. media reports on the 6th, a White House official said that the 45-day ceasefire plan between the United States and Iran is only one of the “many options” currently under discussion. The White House official said that U.S. President Trump has not yet approved the plan, and the U.S.’s military action against Iran is still ongoing.

Israel Defense Forces say airstrikes hit Iran’s largest petrochemical facility: In a statement on the 6th, the Israel Defense Forces said that on that day it carried out an airstrike on a large petrochemical complex in the Asaluye area in southern Iran, and that facility is Iran’s largest petrochemical complex. The statement said that the Israeli military had struck two major petrochemical complexes in Iran, severely damaging more than 85% of Iran’s petrochemical export capacity. The statement said that facilities related to Asaluye include key infrastructure for producing materials such as explosives and ballistic missile propellants, serving as an important raw-material supply hub for Iran’s missile industry. The statement said that the Israeli military will continue to intensify strikes on core infrastructure for Iran’s weapons production, aiming to cause “broad and sustained damage” to its military manufacturing capabilities.

Shipping in the Strait of Hormuz rises to a multi-week high: As more countries appear to have reached safe-passage arrangements with Iran, shipping in the Strait of Hormuz has risen to its highest level since the beginning of the Iran conflict. During the weekend, 21 vessels passed through the Strait of Hormuz. More energy-scarce governments seek, through negotiations, to withdraw ships, cargo, and crews from the Persian Gulf, strengthening Iran’s control over the Strait of Hormuz. This is the highest total two-day passage volume since early March, when shipping activities had essentially fallen into a near standstill. Among these vessels, 13 were heading to the Arabian Sea.

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Bond market overview

Shibor**: **On April 3, overnight shibor was 1.3170%, down 0.30 basis points; 7-day shibor was 1.4280%, down 1.00 basis points; 14-day shibor was 1.5020%, down 0.40 basis points; 1-month shibor was 1.4985%, down 0.45 basis points; 3-month shibor was 1.5090%, down 0.45 basis points.

U.S. Treasuries: At the end of trading in New York, the yield on the U.S. 10-year Treasury fell 0.99 basis points to 4.3307%. The yield on the 2-year Treasury rose 0.41 basis points to 3.8436%; the yield on the 30-year Treasury fell 1.83 basis points to 4.8866%. The yield spread between the 2-year and 10-year Treasuries fell 1.000 basis points to +48.487 basis points. The yield on 10-year Treasury Inflation-Protected Securities (TIPS) fell 0.53 basis points to 1.9613%; the yield on 2-year TIPS rose 2.04 basis points to 0.5360%; the yield on 30-year TIPS fell 1.51 basis points to 2.6606%.

Commodity Futures

Domestic futures: On April 3, domestic commodity futures ended with mixed performances. Fuel oil rose more than 7%, methanol rose more than 6%, LU fuel oil and crude oil rose more than 5%, para-xylene, PTA, pure benzene, and polypropylene rose more than 4%, palladium, bottle flakes, and short fiber rose more than 3%. On the downside, polysilicon fell more than 4%, hogs and Shanghai silver fell more than 2%.

International agricultural products: At the end of trading in New York, ICE raw sugar futures fell 0.13%. ICE Arabica coffee futures rose 0.93%, and coffee “C” futures rose 0.93%. New York cocoa futures fell 0.68% to 3,223 USD/ton. Chicago WCE canola futures fell 0.12%. ICE cotton futures rose 0.96%. Bloomberg’s grain classification index fell 0.02% to 31.2862 points. CBOT corn futures rose 0.33%, CBOT wheat futures fell 0.42%, CBOT soybean futures rose 0.11%, soybean meal futures rose 0.44%, and soybean oil futures rose 1.33%. CBOT live hog futures rose 2.94%, live cattle futures rose 0.40%, and feeder cattle futures rose 0.02%.

Foreign Exchange Market

Renminbi: On April 3, in the onshore RMB market, as of 16:30 Beijing time, it closed at 6.88030, up 133 pips from the previous trading day. In the offshore RMB market, as of 18:00 Beijing time, it was 6.88456, up 134.2 pips from the previous trading day. The onshore/offshore RMB price difference as of 18:00 Beijing time was -33.6.

RMB FX swaps: On April 3, as of 16:30 Beijing time, the 6-month USD/CNY swap was -797 pips, and the 1-year USD/CNY swap was -1540 pips.

U.S. dollar: The U.S. dollar index fell on the 6th. Measuring the U.S. dollar against six major currencies, the U.S. dollar index fell 0.24% that day, closing at 99.981 at the end of the foreign exchange market. At the end of trading in New York, 1 euro exchanged for 1.1549 U.S. dollars, higher than the 1.1515 U.S. dollars from the previous trading day; 1 pound exchanged for 1.3241 U.S. dollars, higher than the 1.3192 U.S. dollars from the previous trading day. 1 U.S. dollar exchanged for 159.63 Japanese yen, lower than the 159.65 Japanese yen from the previous trading day; 1 U.S. dollar exchanged for 0.7977 Swiss francs, lower than the 0.8008 Swiss francs from the previous trading day; 1 U.S. dollar exchanged for 1.3914 Canadian dollars, lower than the 1.3944 Canadian dollars from the previous trading day; 1 U.S. dollar exchanged for 9.4355 Swedish kronor, lower than the 9.4828 Swedish kronor from the previous trading day.

Economic Calendar