【Morning News】Over 160 Billion! Pilot Program for Long-Term Equity Investments by Insurance Funds Accelerates Implementation

Macro News

1. On the afternoon of April 14, General Secretary of the CPC Central Committee and President of China Xi Jinping held talks with General Secretary of the CPV Central Committee To Lam at the CPV Central Committee headquarters. Xi proposed six measures to deepen the construction of the China-Vietnam community with a shared future. First, enhance higher-level strategic mutual trust. Second, build a more solid security barrier. Third, expand higher-quality mutually beneficial cooperation. Fourth, strengthen broader people-to-people ties. Fifth, conduct closer multilateral collaboration. Sixth, achieve more positive maritime interactions.

2. Foreign Ministry spokesperson Lin Jian stated that China and the EU have communicated and coordinated on the US tariff hikes, noting that the US uses tariffs as a tool for self-interest, which is a typical unilateral bullying act that harms global interests. As the world's second and third largest economies, China and the EU jointly advocate for free trade and firmly support the WTO. The EU emphasized the need for stability in the global economy, and China and the EU are committed to maintaining the multilateral trading system and promoting healthy and stable global economic and trade development, which aligns with the common interests of the international community.

3. Foreign Ministry spokesperson Lin Jian presided over the regular press conference on April 14. A reporter asked about the repeated changes in US tariff policies. Lin responded that China urges the US to abandon the wrong approach of maximum pressure and resolve issues through dialogue on the basis of equality, respect, and mutual benefit.

4. The State Council Information Office will hold a press conference at 10:00 AM on April 16, 2025, where Sheng Laiyun, Deputy Director of the National Bureau of Statistics (NBS), will introduce the national economic performance in Q1 2025 and answer questions from reporters.

Industry News

1. It is reported that the second batch of pilot programs for long-term stock investments by insurance funds is accelerating, with more insurance funds planning to apply for the pilot. As an innovative exploration of insurance funds entering the market, the scale of the long-term stock investment pilot this year has increased from 50 billion yuan to 162 billion yuan, and the number of participating insurance companies has increased from 2 to 8.

2. A CLS reporter visited the Shenzhen Huaqiangbei market yesterday and learned that many stalls have suspended quotes for popular chips such as CPUs and GPUs, and many stalls have closed. Some merchants stated that the market is currently in a wait-and-see mode, with inventories sealed to prevent price volatility. Additionally, domestic chip producers reported an increase in customer inquiries after tariff changes, with some downstream companies beginning to explore domestic substitution plans.

3. The National Development and Reform Commission (NDRC) and the National Energy Administration issued the "Implementation Plan for the New Generation Coal Power Upgrading Special Action (2025-2027)", promoting the transformation and upgrading of coal power. The plan requires that by 2027, in areas where it is difficult to meet the rapid regulation needs of the power grid, a batch of coal power units with rapid load-changing capabilities will be renovated and newly built.

4. After a series of aggressive tariff policies by the Trump administration, some of the world's largest pension fund institutions are reassessing private market investments in the US, stating that they will press the "pause button" until the US situation stabilizes. Not only in the investment field, but consumers are also protesting against the US through actions, with a recent wave of boycotts of US products by European consumers.

5. According to incomplete statistics, among the approximately 1,500 C919 orders received by COMAC, over 600 were ordered by financial leasing or financing leasing companies. Industry experts stated that exploring new business areas, tapping potential markets, and obtaining long-term stable returns in aircraft procurement, leasing, and sale-leaseback processes can optimize asset allocation.

6. Gong Zheng, Deputy Secretary of the Shanghai Municipal Party Committee and Mayor, presided over a municipal government executive meeting on April 14. The meeting pointed out that Shanghai should continue to leverage its port advantages, increase capacity guarantees, promote the implementation of pro-enterprise policies, and effectively reduce costs and increase efficiency for cross-border e-commerce enterprises. Enterprises should be encouraged to accelerate global layout, actively explore emerging markets, accelerate industry transformation and upgrading, and promote the transition from "product going global" to "brand going global", continuously building differentiated competitive advantages.

7. The Office of the Leading Group for Cultivating and Building an International Consumption Center City in Guangzhou issued the "Key Work Points for Cultivating and Building an International Consumption Center City in Guangzhou in 2025", which mentioned expanding the scope of consumer trade-in policies. Further clarify subsidy directions and increase subsidy efforts to boost consumption of cars, home appliances, and digital products.

8. The China Chamber of Commerce for Import and Export of Textiles released a data bulletin: In March 2025, driven by foreign trade enterprises rushing to export to avoid higher tariffs and the low base in the same period last year, China's textile and apparel exports achieved rapid YoY growth. According to the latest data released by the General Administration of Customs on April 14, in US dollar terms, textile and apparel exports in March reached 23.4 billion, up 12.9% YoY, a significant improvement of 16 percentage points from January-February.

Company News

1. CATL announced a Q1 net profit of 13.963 billion yuan, up 32.85% YoY.

2. *ST Oriental announced that it has triggered a mandatory delisting situation and will suspend trading from the market opening on April 15. On the same day, the company announced that it received a prior notice of the proposed termination of its stock listing.

3. Industrial Fulian announced plans to repurchase and cancel shares worth 500 million to 1 billion yuan.

4. NARI Technology announced plans to repurchase shares worth 500 million to 1 billion yuan.

5. Shenghui Technology announced plans to acquire control of Hep Energy, with its stock suspended.

6. NHU announced an expected Q1 net profit increase of 107%-118% YoY. On the same day, the company announced plans to repurchase shares worth 300 million to 600 million yuan.

7. Shenzhen Huaqiang announced an expected Q1 net profit increase of 68%-100% YoY.

8. Chengdi Xiangjiang announced that its wholly-owned subsidiary, in a consortium with Huawei, won a 2.433 billion yuan EPC project for data center electromechanical engineering.

9. Gansu Energy and Chemical announced the establishment of a new subsidiary to implement the Lanzhou New Area 2×1000MW thermal power project, with a static investment of 7.961 billion yuan.

10. Huazi Industrial announced that its stock will be suspended from trading starting April 15 due to major matters being planned by the controlling shareholder.

11. Youyan New Materials announced an expected Q1 net profit increase of 13,076% to 16,370% YoY.

12. Jinhe Biotech stated on the interactive platform that it will moderately adjust selling prices in the US end-user market in the near future.

13. Jinrui Mining announced an expected Q1 net profit increase of 617% YoY.

14. Kelu Electronics announced a Q1 net profit increase of 857% YoY.

15. Jinjiang Shipping announced an expected Q1 net profit increase of 182% to 194% YoY.

16. Shandong Fengyuan Chemical announced that its wholly-owned subsidiary signed a cooperation framework agreement with BYD Battery for LFP.

17. Qiangrui Technology announced plans to establish a wholly-owned semiconductor equipment subsidiary with 100 million yuan.

18. Sichuan Shuangma announced an expected Q1 net profit increase of 1,047%-1,506% YoY.

19. AVIC Capital announced that it will apply for the termination of its stock listing, with the controlling shareholder providing a cash option.

20. Tongfang announced that it has been filed by the CSRC for suspected false records in periodic financial reports.

21. CCCC Real Estate announced that its stock will be subject to delisting risk warning and will be suspended for one day.

Global Markets

1. The three major US stock indices collectively closed higher, with the Nasdaq up 0.64%, the Dow up 0.78%, and the S&P 500 up 0.79%. Most large-cap tech stocks rose, with Apple up over 2%. The Nasdaq Golden Dragon China Index closed up 3.23%.

2. International oil prices stabilized on Monday, with US crude futures settling basically flat at $61.53 per barrel.

3. The US dollar index fell for the fifth consecutive day, hitting a six-month low. US Treasuries rebounded after last week's heavy losses, with the 10-year Treasury yield down 11.8 basis points.

Investment Opportunities Reference

1. ByteDance Plans to Launch Self-Developed AI Smart Glasses, Institutions Say AI Glasses Industry Trend Is Clear

According to media reports, two informed sources revealed that ByteDance is planning to launch its own AI smart glasses. One of the sources stated that ByteDance is expected to provide AI functions similar to its self-developed model Doubao in its smart glasses. The timing and sales regions for the launch of this smart glasses have not yet been determined. Sources familiar with the matter revealed that ByteDance is negotiating with suppliers to determine product features, technical specifications, costs, and release timing.

Zhongtai Securities believes that AI glasses are in a stage of rapid growth, with more manufacturers entering the market, enriching the product matrix, and diversifying price ranges. The progress of model integration and AI function upgrades is promising. In the future, as model upgrades and user function demands expand, the multimodal demand for AI glasses is expected to accelerate, gradually becoming a versatile AI assistant across multiple scenarios. The AI glasses industry trend is clear, with continuous new product launches in 2025, and it is recommended to pay attention to the layout of the AI glasses-related industry chain.

2. Industry Conference to Be Held, Institutions Say Global Manufacturer Spending Remains Strong, Demand in This Segment Continues to Rise

The 2025 China International Semiconductor Advanced Technology and Application Conference, hosted by the Advanced Semiconductor Industry Cluster, will be held in Suzhou on April 22.

Industrial Securities analysis pointed out that global wafer fab equipment spending remains strong, and demand for lithography machines continues to rise. ASML expects global semiconductor sales to exceed $1 trillion by 2030, with a CAGR of 9% from 2025 to 2030; global 300mm wafer fab equipment spending is expected to be $123.2 billion/$136.2 billion/$140.8 billion in 2025/2026/2027, up 24%/11%/3% YoY, respectively. Lithography machines are the largest category in the semiconductor equipment market, accounting for 24% of the market. With the continuous iteration of advanced logic and memory chip processes, the proportion of EUV lithography machines continues to rise. As the core equipment in the lithography process of chip manufacturing, global front-end lithography machines are monopolized by ASML, Nikon, and Canon. Achieving domestic substitution for lithography machines is imperative and of great strategic significance.

3. Major Breakthrough Breaks Long-Term Foreign Technology Monopoly, 3D Printing Market Develops Rapidly

According to media reports, China recently achieved "space-grade" 3D printing using a cold cathode electron gun in a simulated microgravity environment for the first time. This major breakthrough breaks the long-term foreign monopoly in this field and has attracted high attention from the capital market to the 3D printing industry.

3D printing, also known as additive manufacturing, is a new manufacturing method based on the principle of discrete-stacking to form physical objects, integrating information network technology, advanced material technology, and digital manufacturing technology. In recent years, benefiting from technological breakthroughs and policy support, China's 3D printing market has developed rapidly. The continuous improvement of 3D printing efficiency has driven downstream applications to expand rapidly from traditional aerospace fields to civilian fields such as automobiles and consumer electronics. Minmetals Securities pointed out that humanoid robots are continuously developing towards intelligence and high performance, posing significant challenges to design, materials, and manufacturing processes. The continuous progress of 3D printing technology has opened up new ideas for humanoid robot manufacturing from the design, material, and process ends, and is expected to deeply empower the upgrade and iteration of humanoid robots.

4. JD.com Establishes 200 Billion Yuan Special Procurement Fund, Launches Export-to-Domestic Support Plan

JD.com announced the launch of a 200 billion yuan export-to-domestic support plan. Within the next year, JD.com will procure no less than 200 billion yuan of export-to-domestic goods on a large scale to help foreign trade enterprises quickly expand into the domestic market.JD.com stated that many foreign trade enterprises that have been "going global" for years possess excellent production capacity and high-quality products. However, they face challenges such as unfamiliarity with the domestic market and lack of operational experience during the transition from export to domestic sales. To address this, JD.com, under the guidance of the Ministry of Commerce and various government departments, will plan and layout support for foreign trade enterprises, conducting various forms of investment promotion and connection across different regions. Currently, several retail enterprises, including JD.com, Hema, and Yonghui Supermarket, have launched support plans to help foreign trade enterprises explore the domestic market. JD.com's 200 billion yuan plan to shift from export to domestic sales is a crucial step in China's transformation from the "world's factory" to a "global brand incubator." Huatai Securities' research report believes that JD.com's establishment of a 200 billion yuan special procurement fund to assist foreign trade enterprises in transitioning from export to domestic sales is an important measure to respond to national policies, tap into the potential of the domestic market, and promote industrial upgrading. This plan not only provides new development opportunities for foreign trade enterprises but also brings more high-quality products to consumers, while also creating new competitive advantages and development space for JD.com itself. Through cooperation with JD.com, foreign trade enterprises can continuously enhance their innovation capabilities, brand building, and market operation capabilities, promoting high-quality development across the entire industry.