Key pre-market news: 1. US airstrikes target Iranian port, Iran retaliates! US stocks close lower, oil prices show volatile trading. Type: Macro sentiment. Impact: Negative. Major US stock indices closed lower on Thursday. Top performers like Micron Technology, Intel, and AMD all fell nearly 3%. AI application and software sectors bucked the trend and gained strength. The military conflict with Iran escalated again towards the market close. The US Central Command stated it had conducted precision strikes on Iranian military facilities, with Iran claiming it had already retaliated. International oil prices experienced a deep V-shaped rebound. Following Iran's implementation of new regulations for the Strait of Hormuz to institutionalize its control over the waterway, WTI crude closed up 1.45%, and Brent crude closed up 0.79%.
2. China's central bank increases gold reserves for the 18th consecutive month, with the pace of purchases accelerating. Type: Sector sentiment. Impact: Positive. By the end of April, China's gold reserves reached 74.64 million ounces, an increase of 260,000 ounces from the previous month. This marks the 18th consecutive month of increases, and the scale of purchases expanded further compared to the prior month. Analysts noted that the international gold price declined for the second consecutive month in April, which may have been a direct reason for the central bank accelerating its gold purchases. Gold is a widely accepted ultimate means of payment globally. The central bank's accumulation of gold creates favorable conditions for steadily and prudently advancing the internationalization of the renminbi. Continued gold purchases by the central bank remain the overarching trend.
3. Offshore renminbi strengthens significantly against the US dollar, hitting a more than three-year high; expert analysis. Type: Macro sentiment. Impact: Positive. On May 7th, the renminbi strengthened significantly against the US dollar. The offshore renminbi broke through the key 6.80 level against the dollar, while the onshore renminbi came within a step of surpassing the 6.80 mark. Both rates reached their highest levels since March 2023. Experts stated that the renminbi's strength resulted from multiple factors, including a weaker US dollar and positive export data. Looking ahead, the renminbi exchange rate is expected to maintain a pattern of stability with an appreciation bias and two-way fluctuations, with the situation in the Middle East remaining a dominant factor for the US dollar's trajectory.
4. Are China and the US considering official discussions on artificial intelligence? Foreign Ministry responds. Type: Sector sentiment. Impact: Positive. On May 7th, Foreign Ministry Spokesperson Lin Jian presided over a regular press conference. A Reuters reporter asked if China and the US were considering launching official discussions on artificial intelligence, specifically to discuss AI during the upcoming meeting between the heads of state in Beijing next week, with US Treasury Secretary Beshent leading the US side, and inquired who would lead for China. Lin Jian stated that China and the US maintain communication regarding President Trump's visit to China. Regarding the specific question raised, he currently had no information to provide.
Investment Calendar: US April Non-Farm Payrolls data.
Investment Insight: Investment Insight: Demand and corporate profits are key. If demand fails to pick up and profits continue to decline, relying solely on lower funding costs cannot support a sustained stock market rally. - Ling Peng, "Cycle, Valuation, and Human Nature"
Institutional Views: 1. Zhongtai Securities: Against the backdrop of global geopolitical disturbances and the strengthening of national security priorities, energy security has become a medium-to-long-term allocation theme. 2. CITIC Securities: Continue to focus on segments where China has competitive advantages, with the most representative industries being new energy, non-ferrous metals, and power equipment. 3. Founder Securities: Against the backdrop of easing US-Iran tensions and rising expectations for Trump's visit to China, the market is expected to continue its upward trend.
Positive and Negative Outlook: 1. Domestic AI chip leader Kunlun Xin begins listing guidance on the STAR Market. Type: Institutional commentary. Huayuan Securities: Domestic computing power chips are entering a critical period for earnings realization. Overall, the industry shows characteristics of leading firms having stable profits, second-tier manufacturers reducing losses or accelerating breakeven, and a tiered growth pattern. Focus on domestic chips, CPUs, and ODM manufacturers. 2. China's robot exports achieve a strong start in Q1, accelerating overseas market expansion. Type: Market discussion. Jianghai Securities: Benefiting from a improving domestic economy, accelerated development of high-end manufacturing, and enhanced expectations for downstream enterprise equipment and production line upgrade demand, the industrial robot sector's景气度 is continuously rising, creating a second growth curve. 3. Two offices issue the "Assessment Measures for the Effectiveness of Building a Beautiful China," providing a catalyst for the environmental protection sector. Type: Policy focus. GF Securities: The environmental protection sector's performance is stabilizing and recovering. Starting in 2026, China will formally link "carbon assessment" with the comprehensive evaluation of local government teams, and the EU will also begin levying a carbon border tax. Focus on two investment themes: solid waste/water treatment and high-growth individual stocks.
Announcement Summary: Positive-leaning Announcements: 1. China XD Electric: Wins State Grid power transmission and transformation projects totaling 1.583 billion yuan. 2. JuXing Agriculture & Animal Husbandry: Sold 407,100 commercial fattening pigs in April, a year-on-year increase of 28.2%. 3. Fuwei Shares: Secures a seat project designation from a joint venture brand customer with a total value of 7.6 billion yuan.
Negative-leaning Announcements: 1. Chengdu Lead Advanced Material: Shareholders Huabo Instrument and Shenzhen Juntian plan to reduce their holdings by a combined maximum of 3.51%. 2. Runbei Aviation Technology: Liu Junfeng cumulatively reduced his holding by 141,700 shares on May 6th and May 7th. 3. Haichuan Intelligence: The actual controller has no plan to inject Xinyue into the company within the next 12 months.
Overseas Markets: Note: Suspicion surrounding US-Iran talks suppressed risk sentiment, leading all three major indices to close lower. In market movements, Nvidia rose 1.77%, while top performers like Micron Technology and Intel fell nearly 3%. AI application and software sectors defied the trend and gained strength, with Datadog surging 31% after earnings. The Nasdaq Golden Dragon China Index fell 1.4%, with Futu Holdings dropping 13.76%.
