**Market Data** As of the close on April 20, the Shanghai Composite Index rose by 0.76% to 4,082.13 points; the Shenzhen Component Index increased by 0.55% to 14,966.75 points; and the ChiNext Index fell slightly by 0.02% to 3,677.58 points.
On April 20 local time, the three major U.S. stock indices closed slightly lower. The Nasdaq fell by 0.26%, the S&P 500 dropped by 0.24%, and the Dow Jones Industrial Average declined by 0.01%. Most major tech stocks declined, with Intel down over 4%, Tesla and Meta down over 2%, and Broadcom, Microsoft, and Google down over 1%. Apple rose over 1%.
International oil prices surged significantly on April 20. At the close, the May delivery light crude oil futures on the New York Mercantile Exchange rose by $5.76 to settle at $89.61 per barrel, a gain of 6.87%. The June delivery Brent crude futures on the London ICE Futures Europe exchange increased by $5.10 to close at $95.48 per barrel, up 5.64%.
**Financial Highlights** 1. On April 20, the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to report on the first-quarter economic performance of central enterprises and sign the 2026 business performance responsibility contracts. The meeting focused on implementing the directives of the Central Economic Work Conference and the Government Work Report, announcing the Q1 operational results and performance assessment targets for central enterprises. It was noted that since the beginning of the year, state-owned central enterprises have diligently implemented the decisions and deployments of the Party Central Committee and the State Council, steadily advancing quality and efficiency improvements for stable growth. The first-quarter economic performance of central enterprises was stable and orderly, with continuous improvements in operational quality and efficiency, strong growth in effective investment, and increasing value contribution. They completed fixed-asset investments totaling 1.05 trillion yuan, a year-on-year increase of 23.5%, contributing to a 2-percentage-point growth in overall fixed-asset investment. The added value reached 2.7 trillion yuan, up approximately 3% year-on-year. Key supplies such as electricity generation, air and water transport turnover, refined oil sales, and coal production and sales showed steady growth, effectively maintaining market supply and price stability. Industrial development shifted towards new and superior areas, with strategic emerging industries investment growing by 19.5% year-on-year, laying a solid foundation for a strong start to the "16th Five-Year Plan" period.
2. In response to media inquiries regarding the EU's draft revision of the Cybersecurity Act, a spokesperson for the Ministry of Commerce stated that on April 17, the Ministry submitted formal comments to the European Commission, expressing China's serious concerns and official stance. China views the draft as introducing highly subjective "non-technical risk" factors under the guise of cybersecurity and supply chain security. Specifically, the draft identifies lists of "countries of cybersecurity concern" and "high-risk suppliers," and excludes entities from these lists across the entire supply chain in 18 sectors, including energy, transport, and ICT. This approach is seen as a typical case of politicizing economic and trade issues and overstretching the concept of security.
3. On April 20, Zheng Shanjie, Chairman of the National Development and Reform Commission (NDRC), presided over a symposium with private enterprises. The meeting involved in-depth exchanges with leaders from companies such as Hailiang Group, XPeng Group, Wanyang Group, Tianqi Lithium Industry, and Lutai Textile, spanning sectors like metal materials, new energy vehicles, industrial park services, mineral resources, and textiles. Participants provided face-to-face opinions and suggestions on the current economic situation and responses to complex external changes. The NDRC will follow the directives of the Party Central Committee and the State Council to enhance the effectiveness of macro policies, actively expand effective domestic demand, accelerate the cultivation of new growth drivers, promote standardized development of industrial parks, strengthen the resilience of industrial and supply chains, and consolidate the steady and improving economic trend. Simultaneously, it will deepen regular communication between government and enterprises, coordinate efforts to help enterprises overcome difficulties, and continuously promote the healthy and high-quality development of the private economy.
4. The People's Bank of China authorized the National Interbank Funding Center to announce that on April 20, 2026, the Loan Prime Rate (LPR) remained unchanged from the previous month: the 1-year LPR is 3.00%, and the 5-year and above LPR is 3.50%. These rates will remain effective until the next LPR release.
5. The next adjustment window for domestic refined oil retail price limits will open at 24:00 on April 21. Multiple institutions predict a price reduction. According to the current refined oil pricing mechanism, domestic price adjustments are primarily based on the change rate derived from comparing the weighted average international crude oil price over 10 working days with that of the previous cycle. If the corresponding price adjustment is less than 50 yuan per ton, gasoline and diesel prices will not be adjusted, and the unadjusted amount will be carried over to the next adjustment.
6. The National Medical Products Administration, the Ministry of Public Security, and the Office of the National Narcotics Control Commission jointly issued a notice to further strengthen the full-chain regulation of addictive drugs, including pregabalin oral single-ingredient preparations and cough and cold preparations, resolutely curbing the spread of drug abuse.
7. Equity private funds have increased their positions for four consecutive weeks. Third-party data shows that as of April 10, 2026, the equity private fund position index stood at 82.16%, a slight increase of 0.18% from the previous week. This indicates a positive signal of continued optimism and steady position building. In terms of position structure, the proportion of fully invested private funds (positions >80%) reached 66.93%, a new high in nearly 15 weeks. Moderately positioned funds (50%-80%) accounted for 19.11%, while low-position (20%-50%) and empty-position (positions <20%) funds accounted for 9.57% and 4.39%, respectively, reflecting a significant overall increase in positioning levels.
8. In March, the net signings for Shanghai's secondary housing market exceeded 30,000 units, hitting a nearly five-year high, indicating a solid "small spring" for the property market. As April progresses, market attention focuses on whether the heat will subside and if the recovery trend can continue. Recent visits to multiple agency stores, property transaction service centers, and new home sales offices in Shanghai, along with dialogues with frontline real estate professionals and homebuyers, suggest that the "small spring" trend persists. Meanwhile, the transaction structure in the secondary market is beginning to change, with the replacement chain gradually moving upward, thereby accelerating the pace of new home purchases.
9. Apple Inc. announced on April 20 that John Ternus, Senior Vice President of Hardware Engineering, will succeed Tim Cook as CEO effective September 1. Cook will transition to the role of Executive Chairman of the Board. The announcement stated that Cook will continue as CEO through the summer to ensure a smooth transition. As Executive Chairman, Cook will be involved in certain company matters, including engagements with decision-makers worldwide.
10. On April 20, Huawei unveiled its most significant spring products, the Pura 90 series and the large-foldable phone Pura X Max. Richard Yu, Huawei's Executive Director, Chairman of the Terminal BG, and Director of the Product Investment Review Committee, stated, "With memory prices continuously rising, our pricing is very sincere, truly sincere." He also advised, "Buy early; memory prices are crazy. If we can't hold out, we might have to raise prices later."
11. On April 20, in response to controversies regarding the "AI Artist Library," iQiyi Inc. clarified: "The establishment of the iQiyi Nado Pro Artist Library aims to provide AIGC creators with a standardized platform for selecting artists in their creations and facilitating efficient communication between iQiyi and artist representatives regarding collaboration details. Currently, over 100 deeply cooperative artists have agreed to join the iQiyi Nado Pro Artist Library. It is important to emphasize that joining the library indicates an artist's willingness to engage in AI film and television projects, but participation in specific projects or roles requires separate negotiation and authorization. This process is consistent with traditional live-action film and television project collaborations."
12. The 14-day temporary ceasefire agreement between the U.S. and Iran is set to expire on April 22, with the prospects for a second round of talks remaining unclear. U.S. President Trump stated on April 19 that U.S. representatives would arrive in Islamabad, Pakistan, on April 20 local time to participate in the second round of U.S.-Iran negotiations. However, an Iranian Foreign Ministry spokesperson stated today that Iran currently has no plans for a second round of talks with the U.S.
13. On April 20 local time, U.S. President Trump posted on a social media platform that he will not lift the blockade on Iran until a "deal" is reached.
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