**Market Data** As of the close on April 3rd, the Shanghai Composite Index fell 1% to 3880.1 points, the STAR 50 Index declined 0.47% to 1256.21 points, the Shenzhen Component Index dropped 0.99% to 13352.9 points, and the ChiNext Index decreased 0.73% to 3149.6 points. In U.S. markets as of the close on April 6th, the three major indices posted slight gains: the Dow Jones Industrial Average rose 0.36% to 46,669.88 points, the S&P 500 increased 0.44% to 6,611.83 points, and the Nasdaq Composite advanced 0.54% to 21,996.34 points.
**Financial Updates** 1. On April 6th, data from the Ministry of Transport indicated that the total cross-regional passenger trips during the three-day Qingming holiday are estimated to have reached 840 million, averaging 280 million per day, representing a year-on-year increase of approximately 6%. The first day of the holiday exceeded 300 million trips, up 4.5% compared to the same period last year. Both railway and road passenger volumes on the first day surpassed previous peak levels for the same period.
2. On April 6th, it was reported that the extended spring break implemented in many locations during the Qingming holiday effectively unleashed consumer demand, injecting vitality into the spring consumption market. According to business big data from the Ministry of Commerce, the average daily sales of key retail and catering enterprises nationwide during the holiday increased by 2.4% year-on-year. Foot traffic and revenue in 78 key monitored pedestrian streets and commercial districts rose by 6.0% and 6.7%, respectively. Regarding goods consumption, as of April 5th, a total of 1.526 million subsidies had been received for the 2026 automobile trade-in program, driving new car sales worth 246.8 billion yuan. Sales of appliances, digital products, and smart new products under trade-in programs reached 62.845 million units, generating sales of 215.97 billion yuan. Key platform data showed sales of smart glasses and smart watches/bands surged by 320% and 123%, respectively. In service consumption, sales at key monitored catering enterprises grew by 3.9%. Hotel accommodation spending on major platforms increased by 2.6%, cross-city travel trips rose 15.1% year-on-year, theme park spending was up 11.7%, parent-child study tour orders doubled, and car rental orders grew by approximately 40%.
3. On April 3rd, it was reported that the State Administration for Market Regulation recently convened an administrative guidance meeting in Beijing for online food delivery platforms. The meeting guided platforms including Meituan, Taobao Quick Purchase, and JD.com to strictly implement the upcoming "Regulations on Supervising the Implementation of Food Safety Responsibilities by Online Catering Service Operators," strengthen their primary responsibility for food safety, and take practical measures to ensure consumer dietary safety.
4. On April 6th, it was noted that domestic fuel prices are set for an adjustment on the first working day after the Qingming holiday. The window for adjusting domestic refined oil prices opens at 24:00 on April 7th. Influenced by recent significant increases in international oil prices, multiple institutions forecast an increase of about 350 yuan per ton for refined oil products, equating to roughly 0.3 yuan per liter. Data from JLC suggests filling a 50-liter tank for a private car will cost about 15 yuan more.
5. On April 4th, it was reported that the total mortgage balances of the six large state-owned banks collectively decreased in 2025, indicating the persistence of the "early mortgage repayment" phenomenon. According to an analysis of the 2025 annual reports from the six large state-owned banks and listed joint-stock banks, the personal housing loan balances at all six major state-owned banks declined last year. Among ten listed national joint-stock banks, seven saw increases while three experienced decreases. Regarding asset quality, among the 13 listed banks disclosing relevant data for 2025, eight reported an increase in the non-performing loan ratio for personal housing loans, four saw a decrease, and one remained unchanged.
6. On April 3rd, the People's Bank of China announced an outright reverse repo operation via open market tenders. To maintain ample liquidity in the banking system, on April 7th, 2026, it will conduct an 800 billion yuan outright reverse repo operation using a fixed amount, interest rate tender, and multiple-price winning method. The operation has a term of 3 months (89 days), maturing on July 5th, 2026.
7. On April 6th, industry chain sources indicated that Foxconn has begun trial production of a foldable-screen iPhone for
8. The issue of AI face-swapping involving Yi Yangqianxi has garnered significant attention, prompting a statement from Hongguo Short Drama. On April 6th, Hongguo Short Drama released an "Announcement on Continuously Regulating the Misuse of AI Short Drama Materials." The announcement stated that in the first quarter of this year, the platform had removed 1,718 comic series dramas violating platform governance rules. In response to the frequent misuse of AI short drama materials, the platform initiated a special concentrated governance campaign. It has completed comprehensive reviews of 15,000 works, handled 670违规 works according to regulations, and publicized four types of typical cases. Hongguo Short Drama stated it will continue to strengthen content review and accountability mechanisms, taking measures such as removal, banning, termination of cooperation, and even legal action against seriously违规 or repeatedly违规 content and producers to safeguard the legitimate rights and interests of copyright owners and rights holders.
9. The National Bureau of Statistics is scheduled to release the March Consumer Price Index (CPI) and Producer Price Index (PPI) data on April 10th.
10. On April 6th local time, during a press briefing at the White House, U.S. President Trump stated that whether military conflict with Iran escalates or nears an end depends on Iran's response to the "deadline" he set for 20:00 Eastern Time on April 7th.
11. On April 6th, according to the Islamic Republic News Agency, Iran responded to a U.S. proposal to end the war. Iran ruled out the possibility of a temporary ceasefire, emphasizing the necessity of a permanent end to the conflict.
**New Share Listings** According to the issuance schedule, five new shares are available for subscription this week. Tuesday: Etac (603293.SH), Hengdao Technology (920177.BJ) Wednesday: Shangshui Intelligent (301513.SZ) Thursday: Shenghe Jingwei (688820.SH) Friday: Fuen Co., Ltd. (001312.SZ)
Comments