Highlights of the front-page headlines of the four major securities newspapers - April 2, 2026 - Financial News

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Topic: Highlights from the four major securities newspapers

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April 2 (Thursday). Here are the key highlights from today’s newspaper front-page headlines:

China Securities Journal

Xijimen is suspected of violating information disclosure rules; the CSRC has filed a case—ST risk alert is triggered

After last week’s announcement that a wholly owned subsidiary of Xijimen had 1 billion yuan of funds transferred away illegally, regulators moved in quickly, and the matter has seen new developments. On April 1, Xijimen released a notice regarding filing a lawsuit against its controlling shareholder and persons acting in concert, and a risk warning that the company’s stock may be subject to risk warnings. In addition, due to suspected violations of information disclosure laws and regulations, both the company and its actual controller, Chen Aiyu, have recently received from the CSRC the 《Notice of Filing a Case》.

Quantitative Group’s IPO Year-End Report is out: Steady revenue growth—“AI+” may open up long-term development space

On March 31, Quantitative Group delivered its first annual performance report after listing. In 2025, Quantitative Group achieved revenue of 100M yuan, up 4.2% year over year; net profit was 195 million yuan, up 32.6% year over year. The profit growth rate significantly outpaced the revenue growth rate, and operating quality and efficiency achieved an all-around improvement. As an online market operator in the consumer sector driven by AI technology, Quantitative Group further focused on its core business in 2025. Relying on its independently developed artificial intelligence platform “Quant Star,” it continued to deepen its penetration across all types of consumer scenarios. The financial report shows that the company’s core e-commerce platform’s GMV (gross merchandise value) in 2025 exceeded 10 billion yuan, up 30.59%, about 400% higher than in 2022—demonstrating strong growth resilience. In terms of user scale, the platform’s cumulative registered users exceeded 63.65 million, with a net increase of 6.87 million in 2025, providing a solid traffic foundation for continued business expansion.

Hints of fund annual reports—who is quietly building positions in their secret stocks?

Against the backdrop of more than ten thousand publicly offered funds competing on the same stage, with “block-holding” style positions becoming a major trend, “secret stocks” (stocks held by only one fund or only one fund company) are becoming increasingly scarce. On April 1, reporters from China Securities Journal reviewed the 2025 annual reports of publicly offered funds and found that by the end of 2025, the number of a fund’s “secret stocks” was reduced by around 30% compared with mid-2025. Some “secret stocks” with relatively high market values in fund holdings have delivered relatively good performance.

Nearly 400 institutions—this company has become a target for the first quarter

Data from Wind shows that in the first quarter of 2026, 1,351 listed companies received institution research visits. Among them, JINDA Heavy Industry cumulatively hosted nearly 400 institution research visits, making it the most favored target among institutions in the quarter. Judging from secondary market performance, while A-shares experienced market turbulence and adjustment in the first quarter, among the listed companies that institutions visited, there emerged stock picks such as Oukeyì, whose stock price doubled, and the independent trend that followed has drawn investors’ attention. From an industry perspective, the top performers by stock price gain are fairly densely distributed across sectors such as pharmaceutical biology and electronics.

Shanghai Securities News

The logic of “power shortage” for AI continues to unfold—demand for gas turbines surges

The industry logic that “the end of computing power is electricity” continues to be played out. The gas turbine industry is entering a high-enthusiasm cycle. Jereh Co., Ltd. signed a 352.86B yuan order for gas turbine generator sets. For international giants such as Siemens Energy, delivery lead times for their gas turbine products have already been scheduled up to 2030. The contradiction between strong order demand and tight deliveries in the industry has become increasingly prominent.

Orders are booming—expansion is busy. First-quarter operating momentum for A-share companies is hot

Overall, this round of orders and investment upsurge reflects that capital is accelerating into sectors that align with national strategic directions and have long-term growth logic. The “big move” deployment by leading enterprises not only helps consolidate their core positions in their industrial chains, but is also expected to further strengthen China’s global competitiveness in related fields.

Revenue and net profit both rise—2025 business highlights of top brokerages are “light and heavy”

In 2025, top brokerages continued to play the role of the industry’s “stabilizer,” leveraging their strong capital strength, full-license coverage layout, and other first-mover advantages. According to Choice data, as of April 1, among listed brokerages that had already disclosed their 2025 annual reports, the top ten by operating revenue together achieved operating revenue of 352.859 billion yuan, up 13.29% year over year, accounting for about 79.96% of the total. With both revenue and net profit registering positive growth, the business structure of top brokerages in 2025 was further optimized; the rebound trend in light-capital businesses was clearly noticeable, while heavy-capital businesses became an important engine for profit growth.

A-share “order story” cases keep emerging—many companies have already been penalized by regulators

On the morning of April 1, the news that “Laplace won a contract worth nearly 10 billion yuan for Tesla’s solar power project” spread widely. Laplace’s share price was immediately pushed sharply higher, hitting the daily limit after just ten minutes. However, a clarification announcement released by the company at midday brought this “celebration” to an end. This is yet another case in China’s A-share market where the “order story” led to dramatic stock-price volatility. Since the second half of 2025, from China Hainan Huatie (rights protection) terminating a 3.69 billion yuan computing-power deal, to Liangang Energy Conservation (rights protection) exaggerating its SpaceX order, “order stories” have played out repeatedly. After unusual stock price movement, regulators’ penalty notices followed closely.

Securities Times

Four departments: Improve the fit of financial services with technological innovation

Recently, the People’s Bank of China, the Ministry of Science and Technology, the State Administration of Financial Regulation, and the China Securities Regulatory Commission jointly held an exchange and advancement meeting on financial technology work. Pan Gongsheng, governor of the People’s Bank of China, and Yin Hejun, minister of the Ministry of Science and Technology, attended the meeting and delivered remarks. The meeting pointed out that relevant departments and institutions should further deepen structural reforms on the supply side of finance, improve a diversified financial services system, support international science and technology innovation centers in optimizing the ecosystem for technology finance, and continuously enhance the alignment of financial services supply with the needs for technological innovation.

The hottest行情 in the past three years—can the momentum continue into April?

“Today, I’m going to handle property transfer procedures for three clients. Last month, I and my work team often worked overtime. In my view, this year’s ‘early spring’ property market行情 is the hottest one in the past three years.” On April 1, just after the Luohu District Real Estate Registration Center in Shenzhen opened for the day, a reporter from Securities Times saw Xiao Li, who was filling out information for clients. She said this was her work. Xiao Li is an employee of a large real estate agency in Shenzhen, responsible specifically for handling procedures related to property transfers and so on.

Brokerage split-trading and commission income of 10.57 billion yuan—steady stabilization announced. The commission rate further drops to 0.30‰~0.45‰

As the 2025 annual reports of publicly offered funds have been fully disclosed, the long-awaited “track record” for brokerage split-trading and commission income has officially been released. Against the backdrop of the continued deepening of public fund fee reforms, competition in the brokerage research industry is undergoing a profound reshaping. Wind data shows that in 2025, the total commission income from split-trading across the entire brokerage industry was 10.57 billion yuan, basically flat with 10.58 billion yuan in 2024. Overall, the industry shows a stabilization trend.

First-quarter performance outlook is very encouraging. The proportion of positive-previews disclosed by companies is nearly 90%

Recently, listed companies have been disclosing their first-quarter performance outlooks one after another, directly reflecting industry conditions and profitability, and providing an important reference for investors to gauge market trends and carry out investment decisions.

Securities Daily

Multiple institutions view structural opportunities in Chinese assets as promising

Recently, although volatility in global financial markets has increased somewhat, Chinese assets are showing distinctive resilience and allocation value. Multiple institutions believe that, backed by a diversified energy structure, a complete industrial system, a stable economic and social environment, and the ongoing deepening of capital market reforms, the allocation value of Chinese assets amid global fluctuations is becoming increasingly prominent. The foundation for A-shares to remain favorable in the long run is still solid, and structural opportunities are accelerating into view.

Lithium-sodium coordination accelerates—rushing into the energy storage market

On April 1, at the 14th International Energy Storage Summit and Exhibition, Ningde Times New Energy Technology Co., Ltd. (hereinafter “Ningde Times”) held its first exhibition on energy storage sodium-ion batteries under the theme “Sodium-lithium dual stars create full-scenario energy storage solutions.” Its cycle life is over 15,000 times, covering large-scale energy storage and AIDC energy storage scenarios from 2 hours to 8 hours. This year, it will achieve commercialization and deployment within the year.

Shengdian Co. spent over 10 billion yuan in a month to build capacity for high-end PCBs

On the evening of April 1, Shenzhen Shengs Electronics Co., Ltd. (hereinafter “Shengdian Co.”) released an announcement stating that the company plans to invest in building printed circuit board (PCB) production projects and supporting facilities. The project will be funded with the company’s own funds or self-raised funds, with an estimated total investment amount of about 6.8 billion yuan.

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