【Morning News】Trump Says He May "Significantly Reduce" Tariffs on China, Foreign Ministry Responds; Net Profits of Multiple Publicly Listed Firms Grow in Q1

Macro News 1. At a regular press conference held by the Foreign Ministry yesterday, spokesperson Jia Kun Guo responded to Trump's statement about potentially "significantly reducing" tariffs on China, stating that China's stance on the tariff war initiated by the US is clear: we do not wish to fight, nor are we afraid to fight. If it comes to a fight, we will see it through; if it comes to talks, our door is open. Jia Kun Guo emphasized that if the US truly wants to resolve issues through dialogue and negotiation, it should stop threatening and coercing, and engage in dialogue with China on the basis of equality, respect, and mutual benefit. 2. A spokesperson for the National Health Commission stated that a recent article titled "Lab Leak: The True Origin of the Coronavirus" published on the White House website, like previous attempts by the US to revive the claim of a "Wuhan lab leak," has no scientific basis. The so-called "evidence" is entirely fabricated. Currently, more and more clues and evidence point to the coronavirus appearing earlier in the US, and the next step in tracing its origin should be conducted in the US. China urges the US to immediately stop smearing and attacking China, face its own problems, and provide a serious and responsible explanation to the people of the world and the international community. 3. Wang Xin, Director of the Research Bureau of the People's Bank of China, said yesterday that the recently released "Action Plan for Further Enhancing Cross-border Financial Services in Shanghai International Financial Center" will improve the cross-border fund allocation of the full-function capital pool in the Shanghai Free Trade Zone. It encourages banks to gradually achieve automated processing of cross-border payments, extend service hours for key enterprise groups' cross-border capital pools, and enable real-time global fund allocation. 4. The Shanghai Municipal Bureau of Statistics released the economic performance of Shanghai in Q1 2025: According to the unified regional GDP calculation, the city achieved a regional GDP of 1.273506 trillion yuan in Q1, up 5.1% YoY at constant prices. Industry News 1. Cailian reporters learned at the 2025 Shanghai Auto Show that CATL launched a new chocolate battery swapping model yesterday. Yang Jun, General Manager of CATL's battery swapping business, introduced on-site that the chocolate battery swapping models include multiple car models from FAW, Changan, BAIC, GAC, and others. 2. Hong Kong Chief Executive John Lee posted on the 23rd that he and his team visited the Hangzhou Future Science and Technology City Exhibition Hall to learn about Hangzhou's development in smart cities and artificial intelligence. Representatives from six innovative technology companies—DeepSeek, Unitree, Game Science, Kujiale, Cloudwalk, and StrongBrain—introduced their developments and features in large language models, robotics, AI, game development, and brain-computer interfaces. 3. The General Administration of Customs announced that, according to Chinese laws and regulations and the "Protocol on Quarantine and Health Requirements for Bovine Bezoar Exported from Argentina to China" between the General Administration of Customs of the People's Republic of China and the Ministry of Economy of the Argentine Republic, qualified Argentine bovine bezoar can now be imported. 4. After US President Donald Trump issued a stern warning of retaliation, the EU imposed relatively mild fines on Apple and Meta, totaling 700 million euros, for violating new antitrust rules targeting large tech companies. 5. The Xiamen Municipal Government updated its policy on housing compensation through housing vouchers, allowing the purchase of second-hand homes across the city and offering additional rewards for buying new homes within six months. 6. The People's Bank of China updated its list of "Revoked License Institutions," with Shandong Feiyin Payment Information Technology Co., Ltd. officially revoking its payment license, becoming the fifth institution to revoke its license this year. As of April 22, the central bank has cumulatively revoked 101 third-party payment licenses, reducing the number of licensed payment institutions to 170. 7. Baoding City released 20 measures to support the high-quality development of online micro-short dramas, aiming to launch over 150 high-quality micro-short dramas, nurture 30 or more scaled micro-short drama enterprises, and establish two micro-short drama bases by 2027. 8. The 2025 National Cultural and Tourism Consumption Promotion Activity was launched in Zhengzhou, Henan. From April 2025 to March 2026, the Ministry of Culture and Tourism will focus on boosting cultural and tourism consumption, holding special events around Labor Day, summer vacation, National Day, and the Chinese New Year, and introducing distinctive cultural and tourism activities and benefits. Company News 1. *ST Jiyao announced that its stock will be delisted and trading will be suspended starting today. 2. Tianqi Lithium announced that it expects a net profit of 82 million to 123 million yuan in Q1, turning a profit from a loss. 3. Asia Potash announced that its Q1 net profit increased by 374% YoY. 4. Kingsoft Office announced that its Q1 net profit increased by 9.75% YoY. 5. Haitaike reported a Q1 net profit increase of 5,739% YoY. 6. Transsion Holdings released its annual report, with a 0.22% increase in net profit in 2024, and proposed a dividend of 15 yuan per 10 shares. 7. Wens Food announced a Q1 net profit of 2.001 billion yuan, turning a profit from a loss. 8. Zhongxin Fluoromaterials announced that it has a DFBP capacity of 5,000 tons/year, but the impact on future annual performance remains highly uncertain. 9. Quectel Wireless Solutions announced that its 2024 net profit increased by 548% YoY, thanks to the growth in vehicle modules, 5G modules, edge computing modules, and Wi-Fi modules. 10. Hongda New Materials announced that it will be subject to other risk warnings starting April 25, and its stock name will change to "ST Hongda." 11. NavInfo announced that it has signed a strategic cooperation framework agreement with ByteDance's Volcano Engine. 12. Visionox announced that it plans to invest 5 billion yuan in setting up a global new display industry innovation center project in Kunshan. 13. Inlyte announced that it intends to purchase 77.9385% of Uteri's shares, and the stock will resume trading. 14. Lansi Technology released its Q1 report, with a 135% increase in net profit. 15. Tuopu Group announced that its 2024 net profit increased by 39.52% YoY, and proposed a dividend of 5.19 yuan per 10 shares. Global Markets 1. US stocks closed significantly higher on Wednesday, with the Dow Jones rising 1.07%, the Nasdaq up 2.50%, and the S&P 500 increasing 1.67%. Popular Chinese stocks performed strongly, with the NASDAQ Golden Dragon Index closing up 2.93%. European stocks also closed higher, with the German DAX30 index up 3.14% to 21,961.97, the UK FTSE 100 up 0.90% to 8,403.18, and the French CAC40 up 2.13% to 7,482.36. 2. OPEC+ plans to accelerate production increases, putting pressure on oil prices. On Wednesday, international oil prices fell sharply, with WTI June crude futures down 2.20% to $62.27 per barrel, and Brent June crude futures down 1.96% to $66.12 per barrel. International precious metals futures closed mixed, with COMEX gold futures down 3.45% to $3,301.50 per ounce, and COMEX silver futures up 2.01% to $33.88 per ounce. Investment Opportunities 1. Huawei releases KunADS 4, with institutions predicting the intelligent driving market size to exceed 1.2 trillion yuan by 2030. According to media reports, on April 22, Zhiyu Jin, CEO of Huawei's Intelligent Automotive Solution BU, announced the official release of the new generation of Huawei Kun ADS 4, bringing comprehensive upgrades in architecture, safety, and experience. Zhiyu Jin also stated that 22 cooperative models have been launched so far, covering mid-to-high-end models priced above 150,000 yuan, including pure electric, extended-range, hybrid, and fuel types. Institutions predict that the market size of intelligent driving could exceed 1.2 trillion yuan by 2030. Sinolink Securities believes that L2+ intelligent systems will accelerate penetration in the market below 150,000 yuan, and the penetration rate of urban NOA in mid-to-high-end models is expected to continue to rise. Future intelligent driving will further penetrate, and competition among automakers will intensify, leading to a winner-takes-all trend. It is recommended to pay attention to investment opportunities in the intelligent driving industry chain and the commercialization progress of ADAS. 2. ByteDance's Volcano Engine releases multiple tools, with Huawei, Google, and NVIDIA all making moves. Recently, Volcano Engine launched the AgentDevops system and AI data lake services in Shenzhen, helping enterprises with the development and operation of intelligent agents. The HiAgent platform of Volcano Engine released the Agent Devops system, providing full lifecycle management from strategy planning, capability development, effect evaluation, application release, online monitoring to effect optimization, ensuring that the agent effects meet production standards. Huaxi Securities stated that the development of intelligent agents in China is currently in an upward phase, with multiple agents already in use; competition is intense, with many vendors participating; the development direction of intelligent agents is diversified, covering both general and specialized fields; and the coverage includes mobile and computer ends, spanning various operating systems. Guotai Junan Securities stated that AIAgents are new digital labor, capable of assisting or replacing humans in tasks. NVIDIA's AgenticAI building blocks, NIM pre-trained models, and Nemo frameworks help organizations easily develop and deploy AI Agents. According to NVIDIA estimates, the total number of global knowledge workers is 1 billion, and AIAgents are expected to become a multi-trillion-dollar business opportunity. 3. Meituan's self-developed fourth-generation drone passes CAAC review, obtaining the first nationwide low-altitude logistics full-coverage operation certificate. Meituan's self-developed fourth-generation drone has passed the CAAC review and obtained the first nationwide low-altitude logistics full-coverage operation certificate. After certification, Meituan drones can start routine commercial operations across the country, becoming the first low-altitude operator approved by the CAAC to conduct logistics transportation throughout China. Official information shows that Meituan's fourth-generation drone is a new multi-rotor model focused on urban low-altitude logistics delivery. As of the end of 2024, Meituan drones have opened 53 routes, with a cumulative delivery of over 450,000 orders. Zhang Shiyue of LeadLeo Research Institute believes that with the continuous expansion of delivery demand, policy promotion, empowerment of intelligent technology, and the rapid development of the low-altitude economy, the Chinese logistics drone market will achieve rapid growth, with an estimated market size of nearly 150 billion yuan by 2030, with a compound annual growth rate of 57.0%. 4. MIIT accelerates the formulation of standards for intelligent logistics and other intelligent equipment. According to media reports, the Ministry of Industry and Information Technology and the Standardization Administration of China issued the 2024 version of the National Intelligent Manufacturing Standard System Construction Guide, which mentions that by 2026, more than 100 national and industry standards will be revised, building an intelligent manufacturing standard system adapted to the new industrialization development. Accelerate the formulation of standards for intelligent detection, intelligent logistics, and other intelligent equipment, R&D design, production manufacturing, and other industrial software, intelligent design, intelligent management, and other smart factory standards, supply chain construction, supply chain operation, and other smart supply chain standards, digital twin equipment, industrial application of artificial intelligence, industrial data circulation, and other intelligent enabling technology standards, network collaborative manufacturing, integrated production and sales operations, and other new intelligent manufacturing model standards, industrial wireless networks, industrial network integration, and other industrial network standards. Explore new methods for standard development, solidify successful experiences and innovative results, form typical scenario system solution standards, guide enterprises to apply standards in practice, build an enterprise intelligent manufacturing standard system, and promote high-quality development of intelligent manufacturing.

According to CIC Burning Consulting, the market size of China's smart logistics equipment is expected to reach 192.02 billion yuan by 2027. Zhongtai Securities stated that the penetration rate of smart logistics equipment in China is still less than 30%, significantly lower than the approximately 80% penetration rate in developed countries. Additionally, the number of automated warehouses in China is fewer than in the US and Japan, with automated warehouses reducing costs by 20% compared to traditional warehouses. The penetration rate of smart logistics equipment is expected to increase rapidly in the future. It is recommended to focus on leading domestic logistics system integrators.