Market tensions eased as peace negotiations formally began, providing a respite for investors. While yesterday's Israeli attack on Lebanon cast a shadow over negotiation prospects, Iran refrained from retaliation today, and former President Trump urged Netanyahu to halt attacks. This development laid the groundwork for talks, allowing the market some breathing room regardless of the outcome. China's ChiNext Index hit a yearly high today, while Hong Kong stocks rebounded 0.55%. The market continues to oscillate between conflict and peace: energy stocks rise during tensions, technology stocks gain during calm periods, healthcare serves as a safe haven, and infrastructure plays like construction machinery benefit during post-conflict reconstruction. Today, Sany International (00631) surged over 7%, while Sinotruk (03808) and Weichai Power (02338) both rose over 4%.
Securities stocks, inactive for some time, saw momentum today. Data from the Securities Association of China showed 150 securities companies achieved operating revenue of 541.171 billion yuan in 2025, up 19.95% year-on-year, with net profit reaching 219.439 billion yuan, up 31.2% - indicating significantly improved profitability compared to 2024. However, industry differentiation appears inevitable, with leading brokers likely to create a cannibalization effect. CITIC Securities (06030) ignited the rally with strong quarterly results: Q1 revenue reached 23.155 billion yuan (up 40.91% YoY) with net profit attributable to shareholders of 10.216 billion yuan (up 54.60% YoY). Examining last year's investment banking business, CITIC Securities maintained its top position with over 6 billion yuan in revenue, while China International Capital Corporation (03908) led major players with 78% growth in investment banking revenue. In proprietary trading, CITIC Securities dominated with 38.604 billion yuan in revenue, followed by Guotai Junan Securities and CICC. This demonstrates the growing advantage of top-tier brokers. CITIC Securities (06030) rose over 8%, while CICC (03908) gained nearly 5%.
Nanhua Futures (02691) held its annual results briefing, reporting 2025 revenue of 1.388 billion yuan (up 2.41% YoY) and net profit attributable to shareholders of 486 million yuan (up 6.2% YoY). The company proposed a 4.5-for-10 stock dividend and 0.69 yuan per share cash dividend. Chairman Luo Xufeng exclusively indicated the company would actively consider mergers and acquisitions given opportunities, sending shares up over 5%.
Another catalyst emerged as the long-awaited stablecoin licenses, originally scheduled for April, were finally announced. During trading hours, the Hong Kong Monetary Authority announced a technical briefing for stablecoin issuers at 5pm, followed by media meetings with licensed issuers. Market participants chased financial stocks expected to be among the first license recipients: Guotai Junan International (01788) surged over 27%, while Jingwei Tianqi (02477) rose nearly 10%.
At 5pm, the HKMA announced it had granted stablecoin issuer licenses to Anchor Financial Technology Limited and The Hongkong and Shanghai Banking Corporation Limited under the Stablecoin Ordinance, effective immediately. According to their business plans, the licensees intend to commence operations within coming months after completing preparations. While HSBC's license came as no surprise, Anchor Financial Technology - though unlisted - boasts strong shareholder backing including Standard Chartered (02888), Hong Kong Telecom (06823), and Australia's Animoca Brands. This combination of top-tier banking compliance, leading Australian Web3 expertise, and local distribution made the selection logical. This represents just the first batch, with more licenses expected if operations proceed smoothly. As the market expands, related industry chain stocks should benefit.
The energy storage sector saw anti-internal competition measures emerge. On April 9, multiple Chinese regulatory bodies jointly convened a forum on power and energy storage batteries, emphasizing the urgency of addressing cutthroat competition and maintaining healthy market秩序. On April 8 evening, Zhongheng Electric (002364.SZ) announced its controlling shareholder would accept approximately 4.1 billion yuan investment from Contemporary Amperex Technology Co., Limited (03750). Following the capital injection, CATL will hold 49% stake, becoming the largest shareholder. Zhongheng Electric recorded two consecutive limit-up sessions post-announcement, demonstrating CATL's market influence and its advancing position in computing-power coordination. CATL (03750) rose over 8% today. CALB (03931), a April top pick, performed strongly after announcing full-series long-cycle battery cells with 15,000 cycles and zero degradation in first three years. The stock surged over 7% today. Chaowei Power (00951), seeing substantial sodium battery shipments, jumped over 16%, while Tianneng Power (00819) and REPT Battero (00666) both gained 4%.
UBS research indicates AI-driven HBM demand continues to consume DDR capacity, coupled with traditional server replacement cycles and simultaneous SSD demand explosion. The global DRAM supply-demand gap may persist until Q4 2027, representing an unprecedented memory super-cycle in thirty years. Deming Microelectronics (001309.SZ) hit the limit-up, boosting market sentiment. Fourier Intelligence (03625) surged over 15%, while chip designer GigaDevice (03986) rose over 12%. In packaging, ASMPT's (00522) independently branded AMMS launched two new products at SEMICON China 2026 last month, gaining nearly 4%.
Chinese automakers continue gaining overseas market share. The recently concluded 47th Bangkok International Motor Show revealed staggering figures: 132,951 vehicle orders (historical high), with Chinese brands accounting for 90,530 units (approximately 68%). Chinese brands dominated the top ten rankings, with only Toyota and Honda representing traditional Japanese manufacturers. BYD COMPANY (01211) led with 17,354 orders (exceeding Toyota by 1,604 units), followed by Geely (00175) with 7,811 orders, Chery (09973) with 7,509 orders, and Great Wall Motor (02333) with 6,819 orders. Great Wall Motor (02333) showed particular strength today following robust March sales data: 106,198 vehicles sold (up 8.38% YoY), with overseas sales reaching 47,142 units (44.4% of total). Overseas growth represents a key catalyst, with the company's Rayong, Thailand plant (operational since 2021) producing Ora Good Cat and Tank models. Great Wall Motor rose over 4% today, while BYD COMPANY (01211) gained over 3%.
Comments