**Market Data** At the close on April 23, the Shanghai Composite Index fell 0.32% to 4093.25 points, the Shenzhen Component Index dropped 0.88% to 15043.45 points, and the ChiNext Index declined 0.87% to 3720.25 points.
The three major U.S. stock indices closed lower on April 23. The Dow Jones Industrial Average decreased by 179.71 points, or 0.36%, to close at 49310.32. The S&P 500 index dropped 29.50 points, or 0.41%, to 7108.40. The Nasdaq Composite Index fell 219.06 points, or 0.89%, to 24438.50.
International oil prices saw significant gains on April 23. The June delivery light crude oil futures on the New York Mercantile Exchange rose by $2.89 to settle at $95.85 per barrel, a 3.11% increase. The June delivery Brent crude futures on the London ICE Futures Europe exchange increased by $3.16 to close at $105.07 per barrel, up 3.1%.
**Financial Highlights** 1. The General Office of the Communist Party of China Central Committee and the General Office of the State Council have issued the "Carbon Peak and Carbon Neutrality Comprehensive Evaluation and Assessment Measures." The document states that during the 15th Five-Year Plan period, the National Development and Reform Commission, together with relevant departments, should formulate an action plan for carbon peaking to ensure the achievement of targets, including reducing carbon intensity by over 65% compared to 2005 levels and increasing the share of non-fossil energy consumption to 25% by 2030. The plan also aims to peak coal and petroleum consumption, reasonably control coal power capacity and generation, and strive for annual new clean energy generation to gradually cover the increase in overall electricity consumption.
2. At a regular press conference on the afternoon of April 23, China's Ministry of Commerce commented on the U.S. Customs and Border Protection's initiation of tariff refunds starting April 20. The ministry stated that China consistently opposes any unilateral tariff measures, which violate international trade rules and U.S. domestic law, harm the global trade order, and are not in the interest of any party. The U.S. refund move is seen as a positive step towards correcting its errors. It was noted that these tariffs are collected directly from U.S. importers by customs and are ultimately borne by American consumers. Chinese export enterprises are advised to communicate with relevant stakeholders to protect their legitimate rights and interests.
3. At the same press conference, a spokesperson for the Ministry of Commerce stated that on April 17, China submitted formal comments to the European Commission regarding the draft revision of the EU's Cybersecurity Act, expressing China's official stance and serious concerns. China hopes the EU will seriously consider these comments and suggestions. If Chinese companies face discriminatory treatment as a result, China may take measures in accordance with its Foreign Trade Law and regulations on industrial and supply chain security to protect the legitimate rights and interests of Chinese enterprises. China believes that cooperation and dialogue are the correct ways to resolve China-EU issues and is willing to work with the EU to manage differences through consultation and jointly maintain the stability and smoothness of global industrial and supply chains.
4. According to the Ministry of Finance website, national lottery sales in March 2026 totaled 54.4 billion yuan, a decrease of 3.817 billion yuan or 6.6% year-on-year. Welfare lottery sales were 18.449 billion yuan, down 754 million yuan or 3.9%, while sports lottery sales were 35.951 billion yuan, down 3.063 billion yuan or 7.9%. The decline was mainly attributed to reduced sports betting lottery sales due to fewer sporting events.
5. The State Administration for Market Regulation has issued a notice on deepening the governance of the online advertising ecosystem and outlined key tasks for rectifying the order in the online advertising market. A six-month campaign has been launched to strengthen the regulation of online advertising market秩序, focusing on cracking down on illegal online advertising activities that have drawn public complaints.
6. According to the National Energy Administration, as of the end of March, the country's total installed power generation capacity reached 3.96 billion kilowatts, a year-on-year increase of 15.5%. Solar power capacity stood at 1.24 billion kilowatts, up 31.3%, and wind power capacity was 660 million kilowatts, up 22.4%. The average utilization hours of power generation equipment from January to March was 703 hours, a decrease of 66 hours compared to the same period last year.
7. The Hong Kong Securities and Futures Commission has reached an agreement with PricewaterhouseCoopers Hong Kong, under which PwC Hong Kong has agreed to set aside HK$10 billion to compensate eligible independent minority shareholders of China Evergrande Group.
8. Tencent has released and open-sourced its Hunyuan Hy3 preview language model. This hybrid expert model integrates fast and slow thinking, with a total of 295 billion parameters, 21 billion activated parameters, and supports a context length of up to 256K. It is the first model trained after the Hunyuan reconstruction and is described as Tencent's most intelligent model to date, showing significant improvements in complex reasoning, instruction following, in-context learning, coding, and agent capabilities. This release marks the first major achievement under the leadership of Tencent's new Chief AI Scientist, the 28-year-old AI prodigy Yao Shunyu.
9. Tesla CEO Elon Musk stated during an earnings call that 2026 will be a very exciting year for Tesla. The company is focusing investments on core technologies, including batteries, powertrains, AI software, AI training, and chip design and manufacturing, to lay the foundation for a significant future increase in manufacturing capacity. Tesla is also strengthening its supply chain for batteries, energy, and AI chips. Musk reiterated his belief that humanoid robots will become Tesla's most important product ever, potentially one of the most significant in human history. He confirmed that the Optimus humanoid robot will begin production at the Fremont factory in late July or August of this year.
10. Strong demand for artificial intelligence has driven a surge in revenue and profit for memory chip giant SK Hynix. For the first quarter of 2026, SK Hynix reported revenue of 52.5763 trillion won, surpassing 50 trillion won for the first time, representing a 60% increase from the previous quarter and a 198% increase year-on-year. Operating profit reached a record 37.6 trillion won, up 96% quarter-on-quarter and 405% year-on-year. The operating profit margin was 72%, exceeding that of TSMC (58%) and Micron (67.6%). Net profit was 40.35 trillion won, increasing 165% from the previous quarter and 398% year-on-year.
11. Intel reported first-quarter fiscal 2026 revenue of $13.6 billion, a 7% year-on-year increase. GAAP earnings per share attributable to Intel showed a loss of $0.73, while non-GAAP EPS was $0.29. The gross margin was 39.4%, up 2.5 percentage points year-on-year. Both first-quarter revenue and second-quarter revenue guidance exceeded expectations, driving Intel's stock price up by 18% in after-hours trading.
12. An Iranian parliament deputy speaker announced that the first revenue from Hormuz Strait passage fees has been deposited into the central bank's account. An unnamed member of the parliament's presiding board stated that the specific fee structure will vary based on vessel type and cargo volume, considering current navigation conditions. The funds will be treated as state revenue directly incorporated into the public budget, with decisions on their specific use to be made later.
13. U.S. President Donald Trump stated that he does "not want to rush" amid ongoing negotiations with Iran, emphasizing that the Iranian leadership is currently in a state of "turmoil." In a White House interview, he noted that although the conflict has extended beyond the initially projected four-to-six-week timeline, the U.S. had achieved "decisive progress through military means" in the first four weeks. He added that they are awaiting the outcome of negotiations, stating that "if the other side is unwilling to reach an agreement, the action will be completed by military means."
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