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Southeast Asian production areas are stabilizing, increasing supply pressure on raw materials, with natural rubber spot prices remaining loose and futures-spot arbitrage narrowing. The rainy season in Yunnan is approaching, and short-term raw material growth is limited, but supply pressure is emerging. Demand differentiation is obvious, downstream operations are neutral, finished product inventories are relatively high, replacement tire demand is weak, export recovery is below expectations, and procurement is mainly on a need basis. Oil prices are stabilizing, and cost linkage is weakening. The Shanghai rubber main contract fluctuates within a range, with obvious resistance above, lacking strong bullish signals, making a trend-based rise difficult. Attention should be paid to raw material supply in production areas, downstream operating rates, and macroeconomic news.

Recently, China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. and Shenzhen Third People's Hospital signed a strategic cooperation agreement in Shenzhen and officially unveiled the joint Cell and Gene Therapy (CGT) Laboratory. This strategic partnership focuses on jointly establishing the CGT laboratory, building a high-level technical platform in the CGT field, continuously consolidating technical capabilities, and achieving collaboration between medical companies and research in areas such as CRO/CDMO services and innovative product development. (People's Financial News)

On April 22, Cambrian responded at the 2025 Annual Performance Presentation that regarding the capacity assurance issues of contract manufacturers, the company will base its actions on industry policies and maintain extensive, long-term good cooperation with upstream and downstream supply chain partners. It will continue to communicate well with all relevant parties at each stage of product research and development, actively explore solutions, prepare for various contingencies, and promote the sustained development of the company's business. Additionally, it was introduced that under the industry backdrop of accelerated innovation in large model technology, the demand for intelligent computing continues to rise. The company, leveraging its core product competitive advantages and high-quality services in the field of intelligent chips, has gained recognition from industry clients and a good market reputation. (People’s Financial News)

President Trump of the United States stated on social media on the 23rd that the U.S. has "full control of the Strait of Hormuz." (Xinhua News Agency)

U.S.-Iran negotiations encounter obstacles, and international oil prices remain high. Increased maintenance of PX in Asia and domestically leads to a decrease in April PX import volume, with supply and demand remaining relatively tight. It is expected that short-term PX futures prices will stay volatile with a slight upward trend. Attention should be paid to the progress of U.S.-Iran negotiations and the shipping situation in the Strait of Hormuz. (First Capital Futures)

Iran has opened some airspace, but the situation remains uncertain, and security conditions are complex. The Chinese Ministry of Foreign Affairs reminds citizens not to travel for the time being; the Chinese embassy and consulates in Iran reiterate the importance of strictly following safety advisories, have strengthened precautions for Chinese citizens in the area, and advise avoiding military and political sensitive areas, evacuating as soon as possible through appropriate means or moving to safer areas to avoid danger. In case of emergencies, please call the police and seek assistance from the embassy. If you insist on traveling, the risks are extremely high and may affect the effectiveness of receiving assistance.

Stock index futures midday close, main contracts all closed higher. Shanghai and Shenzhen 300 stock index futures (IF) main contracts rose 0.85%, SSE 50 stock index futures (IH) main contracts rose 0.07%, CSI 500 stock index futures (IC) main contracts rose 1.71%, CSI 1000 stock index futures (IM) main contracts rose 1.95%.

Tencent Holdings Hong Kong stocks fell 3.12%, closing at 478.20 HKD.

New American Star Announcement, Q1 2026 Operating Revenue: 326 million yuan, up 25.00% year-over-year.
Net profit: 25.2599 million yuan, up 19.35% year-over-year.

On April 24, the DeepSeek (DeepSeek) new series of models, the DeepSeek-V4 preview version, was officially released and open-sourced on the same timeline. Drawing on its own capabilities, China Petroleum & Chemical Corporation (Sinopec) completed the deployment of the DeepSeek-V4-Flash model in the company’s private, domestic intelligent computing resource pool on the first day of the release, and successfully connected it to the Great Wall Artificial Intelligence Platform to provide services for the entire group. (China Petroleum News)

Private Equity research platform data shows that as of April 17th, 88 billion-dollar private equity firms with performance disclosures have achieved an average return of 5.54% so far this year, with 81 of them posting positive returns, accounting for 92.05%. (People's Financial News)

State Councilor and Minister of Public Security Wang Xiaohong met with Graham Biggs, Director General of the UK National Crime Agency, in Beijing. Both sides said they would, based on the strategic guidance of the leaders of the two countries, deepen practical cooperation in areas including economic and financial crimes, telecommunications and network fraud, illegal immigration, and drug control, and strengthen coordination and experience sharing within multilateral frameworks such as the United Nations and INTERPOL to promote the further development of China–UK law enforcement cooperation. Biggs said he is willing to maintain close communication with the Chinese side and jointly enhance the level of law enforcement cooperation between the two countries.

Amid expected maintenance for the plants, the caustic soda price has seen a technical rebound. In the short term, changes in supply and demand are not significant. Pay attention to geopolitical developments, plant changes both domestically and overseas, and downstream delivery volumes. (Chuangchuang Futures)

Some investors asked Zhejiang Digital Culture on the interactive platform: There is a circulating company communication summary in the market, detailing Zhejiang Digital Culture's provision of computing power services to DeepSeek. Is this true? In response, Zhejiang Digital Culture replied: The company has not issued any communication summaries recently. To date, the company and its subsidiaries have no direct or indirect equity relationship with DeepSeek, nor have they engaged in business cooperation. All related information is based on the company's official announcements on designated websites and newspapers. (People's Financial News)

Sinochem Equipment Announcement: Operating revenue in 2025 was 1.584 billion yuan, a year-on-year decrease of 83.52%. Net loss attributable to shareholders of the listed company was 118 million yuan, compared with a net loss of 2.202 billion yuan in the same period last year. The parent company’s distributable profits available to shareholders at period end was -4.805 billion yuan. The board of directors plans that, for 2025, no cash dividends will be distributed, no bonus shares will be issued, and no capital reserve funds will be converted into share capital.

On April 27th, domestic electrolytic copper spot inventory was 261.9k tons, down 1,880 tons from the 20th and down 1,150 tons from the 23rd. Shanghai had 200.5k tons, Guangdong 13.6k tons, and Jiangsu 43.7k tons, each decreasing by 900, 210, and 770 tons respectively since the 20th; and decreasing by 550, 140, and 470 tons respectively since the 23rd. Social inventory continues to decline, domestic supply arrivals are relatively low, and imported copper clearance and arrivals are still being supplemented. Copper prices remain high, but downstream rigid demand exists; the decline in outbound shipments is not significant, and inventories continue to decrease.

Chen Tianshi stated at the performance meeting that major internet companies' self-developed AI chips mainly focus on core business and specific scenarios, striving to provide comprehensive industry solutions. Cambricon, on the other hand, offers a series of intelligent chips and platform-based foundational system software that integrate cloud, edge, and terminal, with hardware-software collaboration, training and inference fusion, and a unified ecosystem, covering scenarios such as vision, speech, and NLP. These chips are versatile and can provide multi-scale, multi-scenario solutions tailored to industry differences to meet the needs of various industry clients.

Guolian Cable Inspection Announcement: revenue for the first quarter of 2026 was RMB 8,940.11 ten-thousand yuan, a year-on-year increase of 10.10%; net profit was RMB 2,523.28 ten-thousand yuan, a year-on-year increase of 19.00%.

UBS China Equity Strategy points out that improvements in fundamentals and energy shocks have a limited impact on China, with valuation and capital inflows providing room for gains. Over the next two months, both A-shares and H-shares have upward potential, with A-shares driven by stable industrial profits, and H-shares (especially the Hang Seng Tech Index) supported by easing price competition in delivery services and new AI models. The Middle East conflict has led to a rise in global energy prices, but China, with ample strategic reserves, a low oil and gas ratio, and higher renewable energy and EV penetration rates, is more resilient. It is recommended to maintain a balanced portfolio, with a focus on AI hardware, power equipment, and non-ferrous metals.

Xinyisheng announces that the first quarter revenue was 8.34B yuan, a year-over-year increase of 105.76%; net profit was 2.78 billion yuan, a year-over-year increase of 76.80%.