April 2nd: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and key financial media outlets

April 2 (Thursday). Today’s newspaper headline coverage highlights are as follows:

China Securities Journal

Guest-in-a-hurry is suspected of violating information disclosure rules and regulations. The CSRC has filed a case. The ST warning siren is sounding

After Linarte announced last week that 100 million yuan of funds at its subsidiary had been illegally transferred, regulators moved in quickly and the matter has entered a new phase. On April 1, Linarte released a notice regarding bringing a lawsuit against its controlling shareholder and concerted action parties, as well as a risk warning that the company’s stock may be subject to risk warning due to possible implementation. In addition, due to suspected violations of information disclosure rules and regulations, both the company and its actual controller, Chen Ayu, have recently received from the CSRC separate documents titled the “Filing Notification Letter.”

Quantitative Party’s first-year listing financial report is out: Revenue grows steadily. “AI+” may open up long-term development room

On March 31, the Quantitative Party turned in its first annual results after listing. In 2025, the Quantitative Party achieved revenue of 1.035 billion yuan, up 4.2% year over year; net profit was 195 million yuan, up 32.6% year over year. Profit growth clearly outpaced revenue growth, and operating performance and quality improved across the board. As an online market operator in the consumer sector driven by AI technology, the Quantitative Party further focused on its core businesses in 2025. Relying on its independently developed artificial intelligence platform, “Quant Planet,” it continuously deepened penetration into consumption scenarios across all categories. The financial report shows that in 2025 the company’s core e-commerce platform’s GMV (gross merchandise value) exceeded 10 billion yuan, up 30.59% year over year, which is an increase of about 400% compared with 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.

Early signs appear in fund annual reports: Who is quietly building a proprietary stock position?

Against the backdrop of over ten thousand public funds competing in the same arena and a “blockholding” approach becoming a major trend, proprietary stocks (stocks held only by one fund or by one fund company) are increasingly scarce. On April 1, a China Securities Journal reporter reviewed the 2025 annual reports of public funds and found that at the end of 2025, the number of proprietary stocks held by funds decreased by about 30% compared with mid-2025. Some proprietary stocks with higher market values in certain funds’ holdings performed relatively well.

Nearly 400 institutions. One company becomes the target of “spotting” in the first quarter

According to Wind data, in the first quarter of 2026, 1,351 listed companies received institutions for research visits. Among them, 大金重工 (Dajin Heavy Industry) has cumulatively received nearly 400 institutions for research visits, making it the most favored target for institutions in the first quarter. Judging from performance in the secondary market, the A-share market saw volatility and adjustment in the first quarter, yet among the listed companies that institutions conducted research on, there emerged double-its-share-price targets such as 欧科亿 (Ouke Yi), and the independent uptrend that followed has drawn investors’ attention. From an industry perspective, the targets with the largest stock-price gains are relatively densely distributed in sectors such as pharmaceutical and biological products, electronics, and others.

Shanghai Securities News

The “electricity shortage” logic continues to play out; demand for gas turbines surges

The industry logic that “the end of computing power is electricity” is continuing to unfold, and the gas turbine industry is entering a highly favorable cycle. Jereh Co., Ltd. signed a 2.359 billion yuan order for gas turbine generator sets. Delivery timelines for gas turbine products from international giants such as Siemens Energy have been scheduled up to 2030. The growing contradiction between strong industry orders and tight delivery capacity is becoming increasingly prominent.

Orders are strong and capacity expansion is busy. A-share companies’ operating momentum in the first quarter is hot

Overall, this round of order surge and investment boom reflects that capital is accelerating toward sectors that align with national strategic directions and have long-term growth logic. The “big moves” by leading enterprises, while consolidating their core positions in their industrial chains, are also expected to further strengthen our country’s global competitiveness in related fields.

Revenue and net profit both increase. “Light and heavy” business highlights of top brokerages in 2025

In 2025, top brokerages, backed by strong capital strength and first-mover advantages such as full-licensing layout, continued to play the role of the industry’s “stabilizing ballast.” According to Choice data, as of April 1, among listed brokerages that had disclosed their 2025 annual reports, the top ten by operating revenue collectively achieved revenue of 352.859 billion yuan, up 13.29%, accounting for about 79.96% of the total. Against the backdrop of positive growth in both revenue and net profit, the business structure of top brokerages in 2025 was further optimized. The rebound trend in light-capital businesses became clearly evident, while heavy-capital businesses turned into an important engine for profit growth.

A-share “order story” cases keep emerging. Multiple companies have already been punished by regulators

On the morning of April 1, once the news about “Laplace winning a near-100-billion-yuan Tesla photovoltaic project” spread, Laplace’s stock price immediately surged in a straight line, hitting the daily limit within just ten minutes. However, a clarification announcement released by the company at midday brought this “celebration” to an abrupt stop. This is another case in China’s A-share market where “order stories” trigger violent stock-price fluctuations. Since the second half of 2025, “order stories” have played out repeatedly, from Hainan Huatie terminating a 3.69-billion-yuan computing power deal, to Shuangliang Energy Energy exaggerating its SpaceX order. After abnormal stock price movements, regulatory penalties followed closely.

Securities Times

Four departments: Improve the adaptability of financial services to technological innovation

Recently, the People’s Bank of China, the Ministry of Science and Technology, the State Administration of Financial Regulation, and the CSRC jointly held an exchange and promotion meeting on financial services for technology finance. Pan Gongsheng, Governor of the People’s Bank of China, and Yin Hejun, Minister 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 of technology finance, and continuously enhance the adaptability of financial service supply to the needs of technological innovation.

The hottest sentiment in the past 3 years—can it carry over into April?

“Today, I’m going to handle property transfer procedures for three sets of clients. Last month, I and my work team often worked overtime. In my view, this year’s ‘early spring’ property market rally is the hottest one in the past three years.” On April 1, right after the Shenzhen Luohu District real estate registration center opened, Securities Times reporter met Xiao Li, who was filling in documents for clients. He made this statement. Xiao Li works for a large real estate agency in Shenzhen, and is specifically responsible for handling related procedures such as property transfers.

Brokerage off-exchange order-splitting commission income of 10.57 billion yuan stabilizes. Commission rate further declines to 0.30‰–0.45‰

With the disclosure of public fund annual reports for 2025 complete, the much-anticipated “performance report” of brokerage off-exchange order-splitting commission income has officially been released. Against the backdrop of the ongoing deepening of public fund fee rate reforms, the competitive landscape in the securities research industry is undergoing a profound reshaping. According to Wind data, in 2025, the total commission income from brokerage off-exchange order-splitting for the whole industry was 10.57 billion yuan, basically flat with 10.58 billion yuan in 2024, and the industry overall showed a stable trend.

First-quarter performance forecasts are very encouraging. Companies with positive outlook disclosed are close to 90%

Recently, listed companies have been disclosing their first-quarter performance forecasts one after another, which directly reflects industry conditions and profitability. This provides an important reference basis for investors to judge market trends and make investment decisions.

Securities Daily

Many institutions are optimistic about China’s structural opportunities in assets

Recently, although volatility in global financial markets has increased somewhat, China’s assets are showing unique resilience and allocation value. Many institutions believe that, thanks to a diversified energy structure, a complete industrial system, a stable economic and social environment, and continuously deepening capital market reforms, the allocation value of China’s assets in global volatility is becoming increasingly prominent. The foundation for China’s A-share market to remain favorable over the long term is still solid, and structural opportunities are accelerating.

Huawei’s R&D spending last year hit a historic high. Will continue to step up investment in AI and the open-source ecosystem

Recently, Huawei Technologies Co., Ltd. (hereinafter referred to as “Huawei”) released its 2025 annual report. The annual report shows that last year Huawei achieved global sales revenue of 880.9 billion yuan and net profit of 68.0 billion yuan, and its overall operating performance met expectations.

Accelerating synergy between lithium and sodium to “storm” the energy storage market

On April 1, at the 14th Energy Storage International Summit and Exhibition, Ningde Times New Energy Technology Co., Ltd. (hereinafter referred to as “Ningde Times”) unveiled its first sodium-ion battery with the theme “Sodium-lithium double stars to build an all-scenario energy storage solution.” Its cycle life exceeds 15,000 cycles, and it can cover large-scale energy storage scenarios from 2 hours to 8 hours, as well as AIDC energy storage scenarios. During this year, it will achieve commercialization.

Huidian Co., Ltd. invests more than 10 billion yuan within a month to plan high-end PCB production capacity

Late on April 1, Hushui Electronics Co., Ltd. (hereinafter referred to as “Huidian Co., Ltd.”) released an announcement stating that the company plans to invest in constructing a printed circuit board (PCB) production project and its supporting facilities. This project will be funded by the company’s own funds or self-raised funds, with a planned total investment amount of about 6.8 billion yuan.

China National Radio (CNR)

Due to delayed disclosure of 2025 annual results, more than 20 Hong Kong-listed companies suspend trading on the same day

CNR Finance and Economy reporter conducted preliminary statistics based on data. Apart from companies that had already suspended trading earlier, such as RUISHIN INTERNATIONAL GROUP, more than 20 Hong Kong-listed companies announced on April 1 that they would suspend buying and selling because they failed to publish their 2025 annual results on time. The companies mentioned above include China High Speed Transmission, Feng Sheng Holdings, RAFFLESINTERIOR, Eagle Hui Logistics, Zhonghui Bio-B, Contemporary Real Estate, MIRXES-B, Lu Qing Entertainment, China Northern Limin, Contemporary Real Estate, No.1 Technology, Mingfa Group, Shanghai Little Nanguo, Jianpu New Life, China Metal Utilization, Des Holdings, FSM HOLDINGS, S E Yao Chuangzhan Group, Xingji Ao RV, Zhihaoda Holdings, Shenghe Bio-B, Jintai Energy Holdings, 大洋集团, Zhuguang Holdings, Yihuatong, Newman Si, Weien Group, and others.

BD trading “goes ballistic” ignites the market. Uncover the surge in the innovative drug concept sector

On April 1, major A-share indices rose collectively. By the close, the Shanghai Composite Index was up 1.46%, the Shenzhen Component Index up 1.70%, the ChiNext Index up 1.96%, and the STAR Market Composite Index surged 3.44%. The total trading value on both exchanges exceeded 2 trillion yuan, with nearly 4,500 individual stocks posting gains. Amid the broad-based rally, the innovative drug sector rose strongly. Market enthusiasm is not only reflected in A-shares; Hong Kong’s pharmaceutical sector also continued to surge. Multiple institutions’ research reports pointed out that fundamentals in the innovative drug industry have improved significantly. Performance releases are driven by a dual engine of commercialization and overseas BD. In Q1 2026, the outbound trading heat for innovative drugs increased markedly, and the scale achieved rapid year-over-year growth. At present, the innovative drug sector is in a golden window where three cycles overlap: “performance delivery, valuation repair, and meeting-driven catalysts.”

Caixin Business

A 5-day lightning campaign: from 100 million missing to CSRC filing. Linarte’s major shareholder withdrawal machine dream shattered

On April 1, Mattress company leader Linarte Health Sleep Technology Co., Ltd. (hereinafter referred to as “Linarte”) consecutively released four major announcements, fully exposing the internal crisis hidden within this mattress leader enterprise to the spotlight of the capital markets. The company is being investigated by the CSRC for filing a case. The actual controller is being investigated by the CSRC for filing a case. The shares of the controlling shareholder and its concerted action parties have been judicially frozen. As the plaintiff, listed company Linarte sued the controlling shareholder and its concerted action parties in court, claiming damages of nearly 480 million yuan.

Challenge the “two superpowers and two strong contenders” at the table. 38 brokerages’ overseas subsidiaries compete for attention

Brokerages are speeding up going global. In 2026, top brokerages continue to increase investment in overseas expansion. They are all increasing capital and expanding the scale of overseas business entities, and the implementation timeline has clearly accelerated. Huatai Securities and 广发证券 (GF Securities) have successively released announcements related to capital increases for their international subsidiaries. Data from Soochow Securities Research Institute shows that as of the end of 2025, domestic securities companies had established 38 overseas first-tier subsidiaries. The layout is centered on China Hong Kong as a core stepping stone, and it gradually extends to emerging and mature markets such as Southeast Asia, Singapore, Japan, and the United States, forming a layout pattern of “Hong Kong as the base and global radiation.”

First Financial Daily

Sales of new-energy vehicle makers in March rebounded strongly. Top players return to the 30,000-unit tier

After a brief slump caused by February’s “longest-ever Spring Festival,” the March new-energy vehicle market saw a strong rebound. On April 1, the scorecards turned in by multiple new-energy vehicle companies show that the watershed for the top-tier segment has returned to the “30,000-unit” threshold. Leapmotor is back to the 50,000-unit level, Ideal is back to the 40,000-unit level, and NIO Group and Deepal have also reached the 30,000-unit mark. The market presents a new feature of “the strong always stay strong” and a steepening growth slope.

Reverse repos set the smallest scale in over 10 years. The central bank anchors stronger monetary policy regulation

On the first trading day of April, the People’s Bank of China’s open market operations released a clear signal. That day, the central bank conducted a 5 billion yuan 7-day reverse repo operation via fixed-rate and quantity bidding, and that scale set the lowest record for reverse repo operations since standardized reverse repo operations began in 2015. Market analysts believe that this “very low volume” operation is not a shift toward tightening monetary policy, but a forward-looking arrangement that takes into account the stable operation of internal funds and the control of external risks.

Economic Reference News

Four departments including the PBOC: Promote financial resources to flow more precisely into the tech-innovation sector

On April 1, the reporter learned from the People’s Bank of China that, to implement the decisions and deployments of the CPC Central Committee and the State Council on science and technology finance, strengthen coordination among departments and between the central and local governments, and promote exchange of experience, and solidly push forward the implementation and effectiveness of policies and measures in science and technology finance, the People’s Bank of China, the Ministry of Science and Technology, the State Administration of Financial Regulation, and the CSRC jointly held an exchange and promotion meeting on science and technology finance.

Tax authorities will carry out normalized tax supervision of platform companies

According to the requirements of the “Measures for Reporting Tax-Related Information by Internet Platform Enterprises” (hereinafter referred to as the “Measures”), from October 2025 onward, platform enterprises will report, on a quarterly basis, to the tax authorities the identity information of platform operators and practitioners, as well as the income information for the preceding quarter. On April 1, the reporter learned from the State Taxation Administration that, after more than half a year since the new rules were implemented, positive results have been achieved. Currently, nearly 8,200 domestic and overseas platforms have already reported tax-related information to the tax authorities. Next, tax authorities will conduct normalized tax supervision of platform companies, continuously contributing to the healthy development of the platform economy.

(Source: Eastmoney Research Center)