Morning News

**Source: Wall Street News**

### Market Overview

Boosted by the U.S.-Iran ceasefire, U.S. stock indices saw the largest **short squeeze** since 2020, while European stocks recorded their biggest rally since 2022.

The three major U.S. stock indices all rose by over 2%. The S&P 500 advanced for a sixth consecutive session, its longest winning streak since September last year, with over 400 stocks rising. The Nasdaq surged 2.8%. Meta rose as much as 9.5%, while Tesla fell around 1%. The Philadelphia Semiconductor Index jumped more than 6.3% to a record high. SanDisk soared nearly 10% to a new peak, and Intel skyrocketed over 11%. Airline and cruise stocks rallied sharply.

Global government bond yields plunged in early trading, with 10-year yields in several European countries falling by double-digit basis points. However, yields rebounded during the U.S. session as market sentiment cooled and demand at Treasury auctions weakened. The 10-year U.S. Treasury yield ended nearly flat, while the 30-year yield edged up 1.2 basis points.

The U.S. dollar tumbled nearly 0.7% in a single day, erasing its year-to-date gains. The offshore Chinese yuan surged over 200 pips, hitting a three-year high. Bitcoin rose 3%, briefly approaching $73,000 during the session, and Ethereum climbed 5%.

Spot gold jumped more than 3% at one point before paring gains to end just 0.3% higher than the previous night's close. Silver also surged and retreated, finishing up 1.5%. WTI crude futures plummeted more than 16%, marking the biggest one-day drop since the COVID-19 shock in 2020.

During the Asian session, China's ChiNext skyrocketed nearly 6% as tech stocks exploded across the board. The yuan hit a three-year high, the Hang Seng Tech Index surged over 5%, and oil & gas stocks slumped collectively.

### Top News

**China**

- Trump claims China pushed Iran to join ceasefire talks; China's Foreign Ministry responds.

- Zhipu AI raises prices by another 10% and launches **GLM-5.1**, driving its stock higher.

- Mysterious "Happy Horse" dominates rankings overnight, outperforming **Seedance 2.0**, reshaping the video AI landscape.

**Overseas**

- After the attack in Lebanon, the Strait of Hormuz is closed again. Iran reportedly plans to charge "tolls" and restrict passage; the White House says Trump opposes the fees. Iran claims ceasefire terms including Lebanon's truce have been violated, undermining the "basis for negotiations"; Trump says the ceasefire does not include Lebanon. The White House announces the first round of U.S.-Iran talks will be held in Pakistan on the 11th, with Iran's initial "10-point plan" rejected; Iran says it will only negotiate with the U.S. if a Lebanon ceasefire is in place.

- Fed minutes: The Iran war poses dual risks; many officials worry about intensifying inflation and the possibility of rate hikes. "New Fed News Service": The outlook for Fed rate cuts is dim regardless of a ceasefire deal.

- **Anthropic** unleashes new disruption! **Claude** Management Agents accelerate build-and-deploy speed by 10x.

- **Meta** unveils its first flagship AI model **Muse Spark**, with shares rising as much as 9.5%.

- Dell CEO: AI memory demand to surge 625x, supply shortages to last for years.

### Market Closing Levels

**U.S. & European Stocks**

- S&P 500: +165.96 pts, **+2.51%**, to 6,782.81

- Dow Jones: **+2.85%**, to 47,909.92

- Nasdaq: **+2.80%**, to 22,634.995

- Europe STOXX 600: **+3.88%**, to 613.50

**A-Shares (China)**

- Shanghai Composite: 3,995.00, **+2.69%**

- Shenzhen Component: 14,042.50, **+4.79%**

- ChiNext: 3,347.61, **+5.91%**

**Bond Market**

- U.S. 10-year Treasury yield: -0.98 bps, to 4.2831%

- U.S. 2-year Treasury yield: -0.43 bps, to 3.7834%

**Commodities**

- WTI Crude (May): **-16.41%**, to $94.41/bbl

- Brent Crude (June): **-13.29%**, to $94.75/bbl

- Spot Gold: **+0.27%**, to $4,719.21/oz (rallied then retreated)

- Spot Silver: **+1.56%**, to $74.1444/oz

# Detailed News

## Global Highlights

### China

- **Trump Claims China Pushed Iran Into Ceasefire Talks; Foreign Ministry Responds**

Mao Ning stated that since the outbreak of hostilities in Iran, China has been actively committed to promoting peace and ending the war. Foreign Minister Wang Yi has held 26 phone calls with his counterparts from relevant countries. The Chinese Government's Special Envoy on the Middle East Issue has conducted shuttle diplomacy in the Middle East and Gulf regions. China and Pakistan have also jointly proposed the **Five-Point Initiative on Restoring Peace and Stability in the Gulf and Middle East**.

- **Zhipu AI Raises Prices by 10% Again and Launches GLM-5.1, Driving Stock Surge**

Zhipu AI officially released its new-generation open-source model **GLM-5.1** this week. Meanwhile, model aggregation platform OpenRouter showed that Zhipu AI has raised GLM prices by another 10%, with cloud API pricing increased by 8% to 17% compared to the older GLM-5 Turbo version. This marks at least the second price hike by the company in 2026. The news boosted market sentiment, with Zhipu AI's stock surging nearly 19% at one point during intraday trading.

- **Mysterious 'HappyHorse' Dominates Rankings, Crushing Seedance 2.0; AI Video Landscape Shifts**

The mysterious video model **HappyHorse-1.0** has skyrocketed to the top of the Artificial Analysis leaderboard, vastly outperforming products like Seedance 2.0 and sparking intense debate. Its origin remains unknown, with speculation pointing to an optimized version based on **daVinci-MagiHuman** or a potential connection to Alibaba. More importantly, open-source models are rapidly approaching the performance of closed-source alternatives, which could reshape the industry landscape.

- **"Former Colleague Refined into AI, Achieving Digital Immortality"**

According to The Paper, a company in Shandong is attempting to train a former employee into an **AI digital avatar** to continue working. The avatar currently only handles simple tasks such as customer inquiries and spreadsheet creation, essentially relying on prompt engineering and lacking true memory or professional judgment. Public anxiety stems from the **uncanny valley** effect and concerns over personal data being "distilled." The workplace is being reshaped: AI won't take your job, but someone who uses AI will. Reinventing yourself isn't about becoming data—it's about becoming someone **undefinable by data**.

### Overseas

- **Strait of Hormuz Closed Again After Lebanon Attack; Iran to Charge 'Tolls' and Limit Passage; White House Says Trump Opposes Fees**

Iranian media reported that, in retaliation for Israel's attack on Lebanon, Iran has closed shipping lanes in the strait, forcing oil tankers to turn back. The White House stated that Trump has made clear a ceasefire requires **no tolls** for strait passage. Reports indicate Iran will charge **$1 per barrel** of oil, settled in Bitcoin, and informed mediators it will restrict vessels to **12 per day**. Data from service providers showed the first two ships to pass through the Strait of Hormuz after the ceasefire announcement carried dry bulk goods, not oil. Maersk has suspended plans to resume Hormuz routes, while Hyundai Motor is rerouting vessels around the Cape of Good Hope.

- **Iran Says Ceasefire Terms Including Lebanon Truce Violated, Undermining 'Negotiation Basis'; Trump Says Ceasefire Doesn't Include Lebanon; Vance Says Never Promised Inclusion**

According to Iran's Parliament Speaker, the violated 10-point Iranian plan also covers drone incursions and uranium enrichment rights. Vice President Vance, who will lead the U.S. delegation in talks with Iran, stated Iran misunderstood, believing the ceasefire included Lebanon—a commitment the U.S. never made. Reports suggest Iran may exit the ceasefire if Israel continues attacking Lebanon, and is preparing "deterrent operations" against Israeli military positions. Iran's military warned Israel to immediately halt strikes on Lebanon or face a "crushing response," claiming the U.S. and Israel "capitulated" to Iranian ceasefire terms but are prepared for a more intense, prolonged, and widespread war. Trump reportedly doesn't oppose Israel confronting Hezbollah in Lebanon; the U.S. Defense Secretary threatened to seize Iran's enriched uranium. Israel's prime minister said the temporary ceasefire isn't the end of the war, with Israel ready to re-engage at any time. The Israeli military announced its largest airstrike on Lebanon since the conflict began; Lebanon condemned the "barbaric" attacks, which caused hundreds of casualties.

- **White House: First U.S.-Iran Talks April 11 in Pakistan; Iran's Initial '10-Point Plan' Rejected; Iran Says Only to Negotiate After Lebanon Ceasefire**

The White House announced negotiations will be led by U.S. Vice President Vance, including Special Envoy for the Middle East Witkoff and Trump's son-in-law Kushner. The U.S. has accepted a **revised, streamlined Iranian proposal**—not the circulated 10-point plan—as the negotiation basis, and insists "**no uranium enrichment on Iranian soil**."

- **Trump Proposes U.S.-Iran Joint Management of Strait of Hormuz, Threatens 50% Tariff on Iran Arms Suppliers**

According to CCTV News, Trump stated the U.S. may pursue a "joint project" with Iran to secure the Strait of Hormuz. He added any country supplying weapons to Iran will face an "immediate 50% tariff on any and all goods" sold to the U.S., with the measure "effective immediately" and "no exceptions or exemptions." An Iranian response noted the Fed's rate-cut outlook remains dim. Nick Timiraos wrote that a U.S.-Iran ceasefire may simply swap one problem for another for the Fed: an energy shock lasting just long enough to boost inflation but not severely damage demand, keeping rates steady for an extended period. If recession risk from the Iran conflict was the strongest case for resuming cuts, ending the war could make it harder for the Fed to ease policy in the short term—though it also reduces rate-hike risks.

- **Anthropic Unveils Breakthrough! Claude Management Agents Accelerate Build/Deployment 10x**

Claude Management Agents are a **composable API suite** and fully managed runtime environment, eliminating developers' need to handle underlying infrastructure and enabling AI to perform **long-duration tasks**. Anthropic emphasized agents aren't just model callers but systems that run continuously, make multi-step decisions, call external tools, and auto-correct/retry.

- **$15B Gamble Pays Off? Meta Launches First Flagship AI Model Muse Spark**

Muse Spark is Meta's first model released since establishing its **Superintelligence Lab** and hiring Scale AI founder Alexandr Wang to lead the team last year, marking a shift from open-source to closed-source. Focused on being **small and fast**, it will integrate directly into social media platforms like Facebook, with an emphasis on AI shopping assistants. Meta acknowledged some capabilities lag models like ChatGPT, positioning it as a **starter model**. Meta's stock rose as much as 9.5%.

- **Dell CEO: AI Memory Demand to Surge 625x, Supply Shortages to Last Years**

Dell Technologies CEO Michael Dell made a stunning prediction: the AI boom will drive global memory demand **625x higher**—25x expansion per-server capacity plus 25x deployment scale—with supply taking years to catch up. Sovereign AI builds and enterprise upgrades create dual demand engines. He summed up market分歧: it's not "if to buy" but "when to buy."

## Selected Research Reports

- **In-Depth Feature: How Trump 'Dragged' the U.S. Into the Iran War**

Netanyahu "sold" quick victory in the White House Situation Room; the CIA called the plan "absurd"; Vice President Vance failed to block it. Trump ultimately gave the green light on Air Force One, just 22 minutes before the deadline: "'Operation Epic Fury' is approved. No abort." A war reshaping the Middle East was launched.

- **Trump's Last-Minute TACO: Chaos Behind Closed-Door Bargaining**

The U.S.-Iran ceasefire emerged from high-stakes diplomacy: intermediaries shuttled proposals, revised drafts multiple times daily, with Iran's top leadership finally deciding. Pakistan, Turkey, and Egypt mediated; drafts changed repeatedly daily. A breakthrough came when reclusive Iranian leader **Ayatollah Khamenei Jr.** approved via a written note. Ironically, until the announcement, White House aides and the Pentagon remained in a fog of war preparations due to Trump's maximum-pressure rhetoric. The chaotic, secretive bargaining temporarily paused the war.

- **Dalio's New Essay: World War 'Has Begun'; 50%+ Probability Within Five Years**

Bridgewater Associates founder Ray Dalio warned the U.S.-Israel-Iran conflict isn't isolated but part of a larger world war, with a **50%+ probability** of major conflict within five years. Citing 500 years of historical cycles, he noted current conditions strongly resemble 1913 and 1938—a critical transition from "pre-war" to "wartime," where conflicts typically escalate, not de-escalate.

- **Goldman Trading Head: Why I'm Not Chasing This Rally**

Rich Privorotsky, head of Goldman's Delta-One trading, believes if oil prices stay above pre-war levels, the rally is a **technical short squeeze** rather than a sustainable trend. The ceasefire's fragility and Iran's vague statements on strait transit controls pose risks. The market's only true benchmark: **actual oil tanker traffic through the Strait of Hormuz**—data requiring time to validate.

- **Bullish Tom Lee: Ceasefire Confirms U.S. Stock 'Bottom'; Decisive Rally Ahead**

Lee believes the U.S.-Iran ceasefire eliminates large-scale bombing risks, confirming a **market bottom**. If the S&P 500 reclaims its 200-day moving average, a "decisive upside breakout" is highly likely.

- **Gas Turbines Replaced: Gas Generator Sets Become Top Choice for AI Power**

HSBC argues gas generator sets—with short lead times, fast startup, and high flexibility—are rapidly replacing gas turbines as the **preferred transitional primary power source** for AI data centers. Leading manufacturers have full order backlogs through late 2027, with supply tightness expected to persist through 2027–2028 and equipment prices rising 10–15% annually.

# Domestic Companies

China’s first browser AI agent “Longxia” (Lobster) launched, free to use via WeChat scan. Tencent Cloud released **QBotClaw**, China’s first browser-based AI agent, which users can access for free by scanning a QR code with WeChat. The tool supports file operations, browser automation, and can perform tasks such as price comparison and cross-platform content publishing. QBotClaw is compatible with OpenClaw skills and supports API key configuration for mainstream large models, marking the accelerated rollout of low-threshold AI automation applications.

Over 100 institutions target a single quantum computing firm. The quantum computing sector is witnessing an unprecedented capital frenzy – total fundraising in Q1 2026 already exceeded the full-year figure for 2025. **Liangyi Wanxiang**, incubated by Tsinghua University’s atomic quantum computing team, has completed a billion-yuan Series A financing just one year after its establishment, with investors including Shunwei Capital and iFlytek, as hundreds of institutions competed for shares. Spanning full-system development to quantum-AI integration, the company’s full-industry-chain ambition may be the clearest sign that capital is betting on quantum computing at its “pre-boom” stage.

Qianfan Constellation’s rocket shortage crisis: bottleneck in satellite networking. China’s satellite internet constellation “Qianfan” completed its first networking launch this year, with a total of 126 satellites in orbit – still far from its target of 15,000 satellites by 2030. The biggest obstacle is not technology, but a severe supply shortage of commercial rockets: slow capacity ramp-up, limited state-backed resources, and stricter launch approvals.

**Aluminum Corporation of China Limited (Chalco)** expects Q1 net profit up 50%–58% YoY, a record for the same period. Chalco forecasts its net profit attributable to shareholders in Q1 2026 to reach 5.302–5.585 billion yuan, up 50%–58% year-on-year, hitting an all-time quarterly high. Profitability is mainly driven by core businesses, with non-recurring profit also growing in tandem. The sharp performance improvement stems from three core factors: diluted marginal costs from full, stable and high-quality production capacity; improved raw material pricing power from a higher self-mining ratio; and refined cost management through full-industry-chain synergy.

# Overseas Macro

ECB rate hike expectations cool “overnight”! Ceasefire boosts markets; European bonds see biggest one-day gain since 2023. Following the U.S.-Iran ceasefire, a sharp drop in oil prices rapidly eased inflation concerns. Traders quickly scaled back rate-hike wagers, with one 25-bp hike expectation removed for both the European Central Bank and the Bank of England. European bonds posted their largest single-day rally since 2023. However, analysts noted the ceasefire is “time-limited and fragile”, casting doubt on the sustainability of the rebound.

# Overseas Companies

SpaceX IPO countdown: the most expensive IPO in history arrives, with retail investors also at the table. SpaceX has officially entered the IPO countdown, with a planned listing in June at a valuation of $1.75–2 trillion, expected to become the largest IPO ever. The highlight of the offering is that retail investor quotas may reach up to 30%, far above industry norms. Markets are watching whether its diversified business narrative can support the valuation and whether the mega listing will crowd out financing space for other companies.

# Industries & Concepts

## 1. Computing Power

The **3rd 2026 AI Computing Power Industry Conference & Exhibition** will be held in Shenzhen from April 9 to 11. Themed topics cover smart terminals, AI computing power, data storage and computing, artificial intelligence and other hot areas, bringing together server manufacturers, intelligent computing center builders and leading large model enterprises.

During the 2026 Spring Festival, token calls of domestic large models exploded. According to OpenRouter’s weekly data, the total token volume of the platform’s top 10 models reached approximately 8.7 trillion, with Chinese models accounting for 5.3 trillion, or 61%.

**Comment**: CITIC Securities noted that the explosive growth in tokens essentially reflects exponential expansion in AI inference demand. With cost advantages and an increasingly complete ecosystem, domestic computing power is expected to gradually dominate the infrastructure layer.

**Companies**:

- **Runze Technology (300442)**: A leader in computing power leasing, deeply tied to top internet firms.

- **Sugon (603019)**: A leading domestic server manufacturer, actively deploying AI computing power and intelligent computing centers.

## 2. AI Applications

According to Sensor Tower, App Store submissions have risen continuously since Q1 2025 and accelerated noticeably in early 2026. Full-year 2025 submissions rose 30% YoY to nearly 600,000; in Q1 2026 alone, submissions reached 235,800.

**Comment**: Shenwan Hongyuan noted that large model iterations and enhanced on-device deployment capabilities are laying the groundwork for medium-to-long-term growth. Changjiang Securities pointed out that as commercialization of AI applications accelerates, with capital spending leading commercialization by about one year, AI applications are poised for a commercial inflection point in 2026.

## 3. Dyes

According to百川盈孚 (Baichuan Yingfu), reactive dye prices surged 28% to 32 yuan/kg on April 7.

**Comment**: SDIC Securities stated that current effective H-acid capacity is less than 60,000 tons, creating a shortage of over 10%, strengthening cost support for reactive dyes. China is the world’s largest dye producer, but the industry has long been a key focus of environmental and production safety regulation due to high pollution. Expectations of severe supply tightening may unlock sharp price elasticity for reactive dyes and push benchmark prices higher.

## 4. Target Materials

As reported by the Securities Times, electronic target material producers generally implemented price hikes in Q1 2026. Prices of conventional targets rose by over 20%, while special small-metal targets jumped 60%–70%.

**Comment**: Semiconductor targets play an irreplaceable core role in chip manufacturing, serving as key materials for conductivity, interconnection and functional integration, and are hailed as the “cornerstone” of chips. According to Frost & Sullivan, the global semiconductor sputtering target market is projected to reach 25.11 billion yuan by 2027. Institutional research noted that the target material industry is entering an upward cycle supported by current supply-demand dynamics. Driven by dual benefits of domestic substitution and price increases, Chinese target material firms are expected to achieve rapid profit growth.

## 5. Gas Turbines

According to China Energy Network, Siemens Energy’s latest Q1 fiscal 2026 earnings report showed its gas turbine business secured €8.75 billion in orders during the period, a record high, driven by surging demand for self-built power plants at large data centers. Its order backlog reached €60 billion by the end of 2025. On the earnings call, Christian Bruch, President and CEO of Siemens Energy, stated that delivery timelines for gas turbines have stretched to 2029–2030, with very limited supply available for 2028.

**Comment**: Analysts said tight capacity at major international players and strong order wins by domestic firms show gas turbines have become a key solution for power security in the computing power era, thanks to fast deployment, stable power supply and relatively clean emissions. A Wood Mackenzie report titled *U.S. Gas Turbine Market: Addressing Manufacturing Shortages and Growing Demand* noted the market is facing severe imbalance driven by electrification needs, especially data center expansion, which will push prices sharply higher through 2027.

## 6. Ultra HD

According to Sina Finance, the **Ultra HD Video Industry Alliance (UWA)** announced that the HDR Vivid application document has been upgraded from a working draft to a preliminary new report draft, marking that China’s ultra HD solution has entered a critical stage for finalization of international standards. HDR Vivid is a next-generation high-dynamic-range imaging technology that delivers richer color gradation, finer light-dark detail and more realistic texture, greatly enhancing the visual performance of ultra HD content.

**Comment**: Analysts noted HDR Vivid has been adopted into radio and television industry standards with national certification; it supports an open full chain from production and transmission to terminal decoding; it enables intelligent adaptation – using dynamic metadata to automatically adjust for TVs and mobile phones of different brands, ensuring “every device displays its best possible picture”.

## 7. Transformers

A new April 7 report from the U.S. Energy Information Administration (EIA) showed U.S. electricity consumption hit a record high in 2025 and will rise further in 2026 and 2027. The EIA projects U.S. electricity demand will climb from a record 4.195 trillion kWh in 2025 to 4.244 trillion kWh in 2026 and 4.381 trillion kWh in 2027. This is mainly driven by the expansion of AI data centers, increased electricity use by households and businesses, and reduced fossil fuel reliance in heating and transportation.

**Comment**: The primary driver of this surge in electricity demand is the explosive growth of AI-related data centers. Multiple authoritative agencies noted that large new data centers for AI and cryptocurrencies have clustered in the U.S., becoming a decisive factor in structural growth in power consumption. Rapid AI development in North America has led to surging power loads, while the U.S. power grid is operating beyond its service life. The collision of soaring load and aging infrastructure has placed massive pressure on grid upgrades and new construction. AI data centers demand highly stable power supply, making gas turbines the top choice for CSP providers due to stable output and low per-kWh costs. As CSP operators rush to procure gas turbines for faster grid connection, Chinese exporters will benefit from the boom in U.S. power infrastructure construction.

# Upcoming Key News Today

- China’s March financial data release.

- Opening of the 14th China Electronic Information Expo.

- U.S. Q4 real GDP data.

- U.S. February core PCE price index, personal income and consumer spending.

- U.S. weekly initial jobless claims.

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# Risk Warning & Disclaimer

The market is subject to risks, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Any investment decisions made based on this article shall be at your own risk.